Research On The Mechanism Of Decision Making Under Uncertainty From The Perspective Of Infromation Updating

Researchers have moved forward in exploring the decision-making mechanism from integrated model to heuristic model, tending to describe the realistic decision-making scenarios. With the development of the cognitive neuroscience, perspectives of the research are changed into the physiological level, exploring brain neurons activities and making out brain activities and neurological characteristics in decision-making under uncertainty. It opens a new door to interpret the nature of decision-making.Decision-making under uncertainty has been a major thrust and researchers prefer combining it with realistic problems in economics and management, solving management problems with the help of neuroscience.Information is closely related to decision-making. No information, no decision can be made, meanwhile, no decision to be made, information is of no value. Nowadays it is an information age and information is always changing over time. To rest on its laurels, or to take advantage of it, a new decision-making problem emerges. Our study is trying to understand how to make decisions and whether the decision strategy is to transform or not in information dynamic update process.Based on the stage theory model of decision-making, we designed an investment gambling experiment by the means of behavior experiment and neuroscience experiment (events related potentials), to understand decision-making process of cognitive psychology and neural mechanismsbefore and after information updates. Combining behavior data with EEG data, we concluded:1) There is an obvious difference in information characterizationbefore andafter information updates. P2was lager when information was updated, which implied less attention resources were allocated after information updating. Decision makers prefer heuristic decision-making before information updates, and system decision-making after.2) Value assessment is different before and after information updates. N2was smaller when information was updated, which implied stimulus conflict was larger with less amount of information after information updating.3) The choices differ before and after information updates. ERN was smaller when information was updated, which implied the perceived risk was stronger for decision makers after information updating. The participation rate is lower and confidence of decision-making is weaker after information updates. In addition, decision makers are risk aversion.