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In both animal and human behavioral repertoires, classical expected utility theory is considered a fundamental element of decision making under conditions of uncertainty. This theory has been widely applied to problems of animal behavior and evolutionary game theory, as well as to human economic behavior. The Allais paradox hinges on the expression of avoidance of bankruptcy by humans, or death by...
Understanding the dynamics or sequences of animal behavior usually involves the application of either dynamic programming or stochastic control methodologies. A difficulty of dynamic programming lies in interpreting numerical output, whereas even relatively simple models of stochastic control are notoriously difficult to solve. Here we develop the theory of dynamic decision-making under probabilistic...
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