The ability to rapidly and flexibly adapt decisions to available rewards is crucial for survival in dynamic environments. Reward-based decisions are guided by reward expectations that are updated based on prediction errors, and processing of these …
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) …
Decision making often takes place in social environments where other actors influence individuals' decisions. The present article examines how advice affects individual learning. Five social learning models combining advice and individual …
Whereas previous studies on how people make forecasts of sports events focused primarily on experts, we examined how laypeople do this task. In particular, we (a) tested the recognition heuristic [Goldstein, D. G., & Gigerenzer, G. (2002). Models of …