A psychophysical theory of Shannon entropy.

Connections between information theory and decision under uncertainty have been attracting attention in econophysics, neuroeconomics and quantum decision theory. This paper proposes a psychophysical theory of Shannon entropy based on a mathematical equivalence of delay and uncertainty in decision-making, and psychophysics of the perception of waiting time in probabilistic choices. Furthermore, it is shown that the well-known Shannon entropy is a special case of the general psychophysical entropy. Future directions in the application of the present theory to studies in econophysics and neuroeconomics are discussed.