Strategies using recent feedback lead to matching or maximising behaviours
Journal Title: Judgment and Decision Making - Year 2018, Vol 13, Issue 2
Abstract
One challenge facing humans (and nonhuman animal) is that some options that appear attractive locally may not turn out best in the long run. To analyse this human learning problem, we explore human performance in a dynamic decision-making task that places local and global rewards in conflict. We found that experiences that included previous choices and rewards are not easily incorporated into people’s strategy to enhance their performance. Our results suggest that humans are easily driven by concerns about recent feedback, and that choice of a suboptimal behaviour option may be overcome by providing informative cues that indicate a clear immediate outcome for a better option.
Authors and Affiliations
Zhenbo Cheng, Jingying Gao, Leilei Zhang, Gang Xiao and Hongjing Mao
Keywords
Related Articles
- EP ID EP678338
- DOI -
- Views 175
- Downloads 0
Affect, risk perception and future optimism after the tsunami disaster
Environmental events such as natural disasters may influence the public's affective reactions and decisions. Shortly after the 2004 Tsunami disaster we assessed how affect elicited by thinking about this disaster influen...
Age-related differences in adaptive decision making: Sensitivity to expected value in risky choice
While previous research has found that children make more risky decisions than their parents, little is known about the developmental trajectory for the ability to make advantageous decisions. In a sample of children, 5-...
Preferring balanced vs. advantageous peace agreements: A study of Israeli attitudes towards a two state solution
The paper extends research on fixed-pie perceptions by suggesting that disputants may prefer proposals that are perceived to be equally attractive to both parties (i.e., balanced) rather than one-sided, because balanced...
Speakers’ choice of frame in binary choice: Effects of recommendation mode and option attractiveness
A distinction is proposed between recommending for preferred choice options and recommending against non-preferred choice options. In binary choice, both recommendation modes are logically, though not psychologically, eq...
How much compensation is too much? An investigation of the effectiveness of financial overcompensation as a means to enhance customer loyalty
The present paper examines the effectiveness of financial overcompensation as a means to enhance customer loyalty after a product failure. Overcompensation implies that customers are entitled to a refund that is larger t...