Experimentally revealed stochastic preferences for multi-component choice options

Abstract

Realistic, everyday rewards contain multiple components. An apple has taste and size. However, we choose in single dimensions, simply preferring some apples to others. How can such single-dimensional preference relationships refer to multi-component choice options? Here, we measured how stochastic choices revealed preferences for two-component milkshakes. The preferences were intuitively graphed as indifference curves that represented the orderly integration of the two components as trade-off: parts of one component were given up for obtaining one additional unit of the other component without a change in preference. The well-ordered, non-overlapping curves satisfied leave-one-out tests, followed predictions by machine learning decoders and correlated with single-dimensional Becker-DeGroot-Marschak (BDM) auction-like bids for the two-component rewards. This accuracy suggests a decision process that integrates multiple reward components into single-dimensional estimates in a systematic fashion. In inter-species comparisons, human performance matched that of highly experienced laboratory monkeys, as measured by accuracy of the critical trade-off between bundle components. These data describe the nature of choices of multi-component choice options and attest to the validity of the rigorous economic concepts and their convenient graphic schemes for explaining choices of human and non-human primates. The results encourage formal behavioral and neural investigations of normal, irrational and pathological economic choices.