The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
On Adaptation, Maximization, and Reinforcement Learning Among Cognitive Strategies.
Abstract
Analysis of binary choice behavior in iterated tasks with immediate feedback reveals robust deviations from maximization that can be described as indications of 3 effects: (a) a payoff variability effect, in which high payoff variability seems to move choice behavior toward random choice; (b) underweighting of rare events, in which alternatives that yield the best payoffs most of the time are attractive even when they are associated with a lower expected return; and (c) loss aversion, in which alternatives that minimize the probability of losses can be more attractive than those that maximize expected payoffs. The results are closer to probability matching than to maximization. Best approximation is provided with a model of reinforcement learning among cognitive strategies (RELACS). This model captures the 3 deviations, the learning curves, and the effect of information on uncertainty avoidance. It outperforms other models in fitting the data and in predicting behavior in other experiments.
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Cites
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Cited by
The description–experience gap in risky choice
Hertwig, R., & Erev, I. (2009) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2009.09.004 · Cited by 911
Self-citationMindful Judgment and Decision Making
Weber, E. U., & Johnson, E. J. (2009) · Annual Review of Psychology · doi:10.1146/annurev.psych.60.110707.163633 · Cited by 745
Navigating Into the Future or Driven by the Past
Seligman, M. E. P., Railton, P., Baumeister, R. F., & Sripada, C. (2013) · Perspectives on Psychological Science · doi:10.1177/1745691612474317 · Cited by 720
A choice prediction competition: Choices from experience and from description
Erev, I., Ert, E., Roth, A. E., Haruvy, E., Herzog, S. M., Hau, R., Hertwig, R., Stewart, T., West, R., & Lebiere, C. (2010) · Journal of Behavioral Decision Making · doi:10.1002/bdm.683 · Cited by 329
Self-citationProbability matching as a computational strategy used in perception
Wozny, D. R., Beierholm, U. R., & Shams, L. (2010) · PLoS Computational Biology · doi:10.1371/journal.pcbi.1000871 · Cited by 265
Metadata
- Authors
- Erev, I., & Barron, G.
- Venue
- Psychological Review
- Published
- 2005-10
- Volume
- 112
- Issue
- 4
- Pages
- 912-931
- ISSN
- 0033-295X (ISSN-L)
- 1939-1471
- OpenAlex
- W2090148394
- Cited by
- 475
- References
- 9
- FWCI
- 17.03
- Type
- journal article
- Language
- en
- Open access
- closed
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