Framing-Based Choice: A Model of Decision-Making Under Risk

In this study we propose an axiomatic theory of decision-making under risk that is based on a new approach to the modeling of framing that focuses on the subjective statistical dependence between prizes of compared lotteries. Unlike existing models that allow objective statistical dependence, as in Regret Theory, in our model the emphasis is on alternative subjective statistical dependence patterns that are induced by alternative descriptions of the lotteries, i.e., by alternative framing. A distinct advantage of the proposed general descriptive model of choice is its ability to adequately explain a wide variety of behaviors and, in particular, several well-known paradoxes of different types.framing, statistical dependence, non-expected utility, expected value of lottery interchange

An information theoretic approach to statistical dependence: copula information

We discuss the connection between information and copula theories by showing that a copula can be employed to decompose the information content of a multivariate distribution into marginal and dependence components, with the latter quantified by the mutual information. We define the information excess as a measure of deviation from a maximum entropy distribution. The idea of marginal invariant dependence measures is also discussed and used to show that empirical linear correlation underestimates the amplitude of the actual correlation in the case of non-Gaussian marginals. The mutual information is shown to provide an upper bound for the asymptotic empirical log-likelihood of a copula. An analytical expression for the information excess of T-copulas is provided, allowing for simple model identification within this family. We illustrate the framework in a financial data set.Comment: to appear in Europhysics Letter

CMB statistical anisotropies of classical and quantum origins

We examine the impact of different anisotropic relics on inflation, in particular the predictions on the density perturbations. These relics can be the source of the large scale anomalies in the cosmic microwave background. There are two different types of background relics, one from the matter sector and the other purely from the metric. Although the angular-dependence of the statistical anisotropy in both cases are degenerate, the scale-dependence are observationally distinctive. In addition, we demonstrate that non-Bunch-Davies vacuum states can extend the statistical anisotropy to much shorter scales, and leave a scale-dependence that is insensitive to the different backgrounds but sensitive to the initial quantum state.Comment: 16 pages, 3 figure