Topics in Cognitive Science 7 (2):351-367 (2015)
| Abstract |
Decision making in noisy and changing environments requires a fine balance between exploiting knowledge about good courses of action and exploring the environment in order to improve upon this knowledge. We present an experiment on a restless bandit task in which participants made repeated choices between options for which the average rewards changed over time. Comparing a number of computational models of participants’ behavior in this task, we find evidence that a substantial number of them balanced exploration and exploitation by considering the probability that an option offers the maximum reward out of all the available options
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| Keywords | Dynamic decision making Volatility Uncertainty Exploration‐exploitation trade‐off Restless multi‐armed bandit task |
| Categories | (categorize this paper) |
| DOI | 10.1111/tops.12145 |
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References found in this work BETA
From Conditioning to Category Learning: An Adaptive Network Model.Mark A. Gluck & Gordon H. Bower - 1988 - Journal of Experimental Psychology: General 117 (3):227-247.
Should I Stay or Should I Go? How the Human Brain Manages the Trade-Off Between Exploitation and Exploration.Jonathan D. Cohen, Samuel M. McClure & Yu & J. Angela - 2008 - In Jon Driver, Patrick Haggard & Tim Shallice (eds.), Mental Processes in the Human Brain. Oxford University Press.
Comparison of Decision Learning Models Using the Generalization Criterion Method.Woo-Young Ahn, Jerome R. Busemeyer, Eric-Jan Wagenmakers & Julie C. Stout - 2008 - Cognitive Science 32 (8):1376-1402.
The Nature of Belief-Directed Exploratory Choice in Human Decision-Making.W. Bradley Knox, A. Ross Otto, Peter Stone & Bradley C. Love - 2011 - Frontiers in Psychology 2.
Bayesian Modeling of Human Sequential Decision-Making on the Multi-Armed Bandit Problem.Daniel Acuna & Paul Schrater - 2008 - In B. C. Love, K. McRae & V. M. Sloutsky (eds.), Proceedings of the 30th Annual Conference of the Cognitive Science Society. Cognitive Science Society. pp. 100--200.
Citations of this work BETA
Deconstructing the Human Algorithms for Exploration.Samuel J. Gershman - 2018 - Cognition 173:34-42.
Task Complexity Moderates the Influence of Descriptions in Decisions From Experience.Leonardo Weiss-Cohen, Emmanouil Konstantinidis, Maarten Speekenbrink & Nigel Harvey - 2018 - Cognition 170:209-227.
The Placebo Effect: To Explore or to Exploit?Kirsten Barnes, Benjamin Margolin Rottman & Ben Colagiuri - 2021 - Cognition 214:104753.
Model‐Based Wisdom of the Crowd for Sequential Decision‐Making Tasks.Bobby Thomas, Jeff Coon, Holly A. Westfall & Michael D. Lee - 2021 - Cognitive Science 45 (7):e13011.
Cognitive Models of Optimal Sequential Search with Recall.Sudeep Bhatia, Lisheng He, Wenjia Joyce Zhao & Pantelis P. Analytis - 2021 - Cognition 210:104595.
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