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How do people learn to allocate resources? : comparing two learning theories

Rieskamp, J. and Busemeyer, J. R. and Laine, T.. (2003) How do people learn to allocate resources? : comparing two learning theories. Journal of experimental psychology. Learning, memory and cognition, Vol. 29, H. 6. pp. 1066-1081.

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Official URL: http://edoc.unibas.ch/dok/A5261563

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Abstract

How do people learn to allocate resources? To answer this question, 2 major learning models are compared, each incorporating different learning principles. One is a global search model, which assumes that allocations are made probabilistically on the basis of expectations formed through the entire history of past decisions. The 2nd is a local adaptation model, which assumes that allocations are made by comparing the present decision with the most successful decision up to that point, ignoring all other past decisions. In 2 studies, participants repeatedly allocated a capital resource to 3 financial assets. Substantial learning effects occurred, although the optimal allocation was often not found. From the calibrated models of Study 1, a priori predictions were derived and tested in Study 2. This generalization test shows that the local adaptation model provides a better account of learning in resource allocations than the global search model.
Faculties and Departments:07 Faculty of Psychology > Departement Psychologie > Forschungsbereich Sozial-, Wirtschafts- und Entscheidungspsychologie > Economic Psychology (Rieskamp)
UniBasel Contributors:Rieskamp, Jörg
Item Type:Article, refereed
Article Subtype:Research Article
Bibsysno:Link to catalogue
Publisher:American Psychological Association
ISSN:0096-1515
Note:Publication type according to Uni Basel Research Database: Journal article
Identification Number:
Last Modified:22 Mar 2012 14:25
Deposited On:22 Mar 2012 13:43

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