Earlier typologies of slot machine gamblers have only concentrated on adolescents in arcade environments. Slot machine gambling is a popular leisure activity worldwide yet there has been very little research into different types Our model might help bridge the gap between theories on decision-making in quantitative economy and neuroscience. Several economic paradoxes and gambling behaviors can be explained by the model. The creation of these new reference points could be due to partial revelation of outcomes, ambiguity, or segregation of probable and improbable outcomes. It is also straightforward to extend the model to multi-step decision-making scenarios, in which new reference points are created as people update their expectation when they evaluate the outcomes associated with an action in a cascading manner. The model does not depend on non-linear weighting of the probabilities of outcomes. Action is chosen based on a nonlinear average of anticipated surprise, defined by the difference between individual outcomes and the abovementioned reference point. In the model, we choose the expected value across all outcomes of an action to be a reference point which people use to gauge the value of different outcomes. Here, we present a decision-making model inspired by the prediction of error signals reported in the brain. Many experimental observations have shown that the expected utility theory is violated when people make decisions under risk.
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