Probability matching in risky choice: The interplay of feedback and strategy availability.
Probability matching in sequential decision making is a striking violation of rational choice that has been observed in hundreds of experiments. Recent studies have demonstrated that matching persists even in described tasks in which all the information required for identifying a superior alternativ...
| Publicado en: | Memory & Cognition Vol. 41; no. 3; pp. 329 - 339 |
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| Autores principales: | , , , , |
| Formato: | Artículo |
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Springer Nature
Apr2013
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=86145017&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 86145017 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 0090502X MEG jtl: Memory & Cognition issn: 0090502X maglogo: N pubinfo: dt: Apr2013 vid: 41 iid: 3 pid: 237 pub: Springer Nature artinfo: ui: 86145017 10.3758/s13421-012-0268-3 ppf: 329 ppct: 10 formats: fmt: @attributes: type: P size: 350KB tig: atl: Probability matching in risky choice: The interplay of feedback and strategy availability. aug: au: Newell, Ben Koehler, Derek James, Greta Rakow, Tim Ravenzwaaij, Don affil: School of Psychology, University of New South Wales, Sydney 2052 Australia Department of Psychology, University of Waterloo, Waterloo Canada Department of Psychology, University of Essex, Colchester UK su: Australia Canada Analysis of variance Cognition Decision making Undergraduates Confidence intervals Mathematical models Probability theory Research funding Statistical sampling Theory Descriptive statistics sug: subj: Analysis of variance Cognition Decision making Undergraduates Australia Canada Marketing Research and Public Opinion Polling Confidence intervals Mathematical models Probability theory Research funding Statistical sampling Theory Descriptive statistics keyword: Heuristics Maximizing Probability matching Rational choice theory Heuristics Maximizing Probability matching Rational choice theory ab: Probability matching in sequential decision making is a striking violation of rational choice that has been observed in hundreds of experiments. Recent studies have demonstrated that matching persists even in described tasks in which all the information required for identifying a superior alternative strategy- maximizing-is present before the first choice is made. These studies have also indicated that maximizing increases when (1) the asymmetry in the availability of matching and maximizing strategies is reduced and (2) normatively irrelevant outcome feedback is provided. In the two experiments reported here, we examined the joint influences of these factors, revealing that strategy availability and outcome feedback operate on different time courses. Both behavioral and modeling results showed that while availability of the maximizing strategy increases the choice of maximizing early during the task, feedback appears to act more slowly to erode misconceptions about the task and to reinforce optimal responding. The results illuminate the interplay between 'top-down' identification of choice strategies and 'bottom-up' discovery of those strategies via feedback. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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