mlsanityData to 7 Oct 2026

Two steps to risk sensitivity

arXiv 2111.06803 ↗First posted 12 Nov 2021cs.AIcited by 8

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Abstract (arXiv)

Distributional reinforcement learning (RL) -- in which agents learn about all the possible long-term consequences of their actions, and not just the expected value -- is of great recent interest. One of the most important affordances of a distributional view is facilitating a modern, measured, approach to risk when outcomes are not completely certain. By contrast, psychological and neuroscientific investigations into decision making under risk have utilized a variety of more venerable theoretical models such as prospect theory that lack axiomatically desirable properties such as coherence. Here, we consider a particularly relevant risk measure for modeling human and animal planning, called conditional value-at-risk (CVaR), which quantifies worst-case outcomes (e.g., vehicle accidents or predation). We first adopt a conventional distributional approach to CVaR in a sequential setting and reanalyze the choices of human decision-makers in the well-known two-step task, revealing substantial risk aversion that had been lurking under stickiness and perseveration. We then consider a further critical property of risk sensitivity, namely time consistency, showing alternatives to this form of CVaR that enjoy this desirable characteristic. We use simulations to examine settings in which the various forms differ in ways that have implications for human and animal planning and behavior.

Key facts. Cited by 8 papers in the map (data through 7 Oct 2026). Builds on 12 of its 54 references that are in the map. First posted on arXiv 12 Nov 2021.

Builds on

12 of 54 references.

References · 12

  1. 2017A Distributional Perspective on Reinforcement Learningcited by 743
  2. 2018Implicit Quantile Networks for Distributional Reinforcement Learningcited by 362
  3. 2015Risk-Constrained Reinforcement Learning with Percentile Risk Criteriacited by 320
  4. 2015Risk-Sensitive and Robust Decision-Making: a CVaR Optimization Approachcited by 162
  5. 2014Optimizing the CVaR via Samplingcited by 98
  6. 2021Risk-Averse Offline Reinforcement Learningcited by 65
  7. 2019Being Optimistic to Be Conservative: Quickly Learning a CVaR Policycited by 63
  8. 2017How Should a Robot Assess Risk? Towards an Axiomatic Theory of Risk in Roboticscited by 57
  9. 2021Risk-Averse Bayes-Adaptive Reinforcement Learningcited by 28
  10. 2019Risk-Averse Planning Under Uncertaintycited by 11
  11. 2019Robust and Adaptive Planning under Model Uncertaintycited by 10
  12. 2018Risk averse stochastic programming: time consistency and optimal stoppingcited by 4

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2022: 1; 2023: 3; 2024: 0; 2025: 3; 2026: 1.

8 papers.