Topics in Cognitive Science 7 (2):351-367 (2015)

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
Keywords Dynamic decision making  Volatility  Uncertainty  Exploration‐exploitation trade‐off  Restless multi‐armed bandit task
Categories (categorize this paper)
DOI 10.1111/tops.12145
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Revision history

Download options

PhilArchive copy

Upload a copy of this paper     Check publisher's policy     Papers currently archived: 71,231
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

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.

Add more references

Citations of this work BETA

Add more citations

Similar books and articles

Decision Making Under Great Uncertainty.Sven Ove Hansson - 1996 - Philosophy of the Social Sciences 26 (3):369-386.
Decision Making Under Great Uncertainty.Sven Ove Hansson - 1996 - Philosophy of the Social Sciences 26 (3):369-386.
Uncertainty and the Ethics of Clinical Trials.Sven Ove Hansson - 2006 - Theoretical Medicine and Bioethics 27 (2):149-167.
Moral Uncertainty and its Consequences.Ted Lockhart - 2000 - Oxford University Press.


Added to PP index

Total views
39 ( #292,926 of 2,518,239 )

Recent downloads (6 months)
1 ( #408,577 of 2,518,239 )

How can I increase my downloads?


My notes