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  1. The hot hand belief and the gambler’s fallacy in investment decisions under risk.Jürgen Huber, Michael Kirchler & Thomas Stöckl - 2010 - Theory and Decision 68 (4):445-462.
    We conduct experiments to analyze investment behavior in decisions under risk. Subjects can bet on the outcomes of a series of coin tosses themselves, rely on randomized ‘experts’, or choose a risk-free alternative. We observe that subjects who rely on the randomized experts pick those who were successful in the past, showing behavior consistent with the hot hand belief. Obviously the term ‘expert’ suffices to attract some subjects. For those who decide on their own, we find behavior consistent with the (...)
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  • The smart potential behind probability matching.Wolfgang Gaissmaier & Lael J. Schooler - 2008 - Cognition 109 (3):416-422.
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  • Computational Models for the Combination of Advice and Individual Learning.Guido Biele, Jörg Rieskamp & Richard Gonzalez - 2009 - Cognitive Science 33 (2):206-242.
    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 learning‐four based on reinforcement learning and one on Bayesian learning‐and one individual learning model are tested against each other. In two experiments, some participants received good or bad advice prior to a repeated multioption choice task. Receivers of advice adhered to the advice, so that good advice improved performance. The (...)
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