Cristin-resultat-ID: 347082
Sist endret: 22. november 2010 00:34
Resultat
Vitenskapelig artikkel
2009

Learning, risk attitude and hot stoves in restless bandit problems

Bidragsytere:
  • Guido Biele
  • Ido Erev og
  • Eyal Ert

Tidsskrift

Journal of Mathematical Psychology
ISSN 0022-2496
e-ISSN 1096-0880
NVI-nivå 1

Om resultatet

Vitenskapelig artikkel
Publiseringsår: 2009
Volum: 3
Sider: 155 - 167

Beskrivelse Beskrivelse

Tittel

Learning, risk attitude and hot stoves in restless bandit problems

Sammendrag

This research examines decisions from experience in restless bandit problems. Two experiments revealed four main effects. (1) Risk neutrality: the typical participant did not learn to become risk averse, a contradiction of the hot stove effect. (2) Sensitivity to the transition probabilities that govern the Markov process. (3) Positive recency: the probability of a risky choice being repeated was higher after a win than after a loss. (4) Inertia: the probability of a risky choice being repeated following a loss was higher than the probability of a risky choice after a safe choice. These results can be described with a simple contingent sampler model, which assumes that choices are made based on small samples of experiences contingent on the current state. (C) 2008 Elsevier Inc. All rights reserved.

Bidragsytere

Aktiv cristin-person

Guido Philipp Emmanuel Biele

Bidragsyterens navn vises på dette resultatet som Guido Biele
  • Tilknyttet:
    Forfatter
    ved Psykologisk institutt ved Universitetet i Oslo

Ido Erev

  • Tilknyttet:
    Forfatter

Eyal Ert

  • Tilknyttet:
    Forfatter
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