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How do people learn to allocate resources? Comparing two learning theories.
| Content Provider | Semantic Scholar |
|---|---|
| Author | Rieskamp, Jörg Busemeyer, Jerome R. Laine, Tei |
| Copyright Year | 2003 |
| 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. |
| File Format | PDF HTM / HTML |
| DOI | 10.1037/0278-7393.29.61066 |
| PubMed reference number | 14622047 |
| Journal | Medline |
| Volume Number | 29 |
| Issue Number | 6 |
| Alternate Webpage(s) | http://www-abc.mpib-berlin.mpg.de/users/rieskamp/Paper/ResourceAllocation_Rieskamp.pdf |
| Alternate Webpage(s) | https://doi.org/10.1037/0278-7393.29.61066 |
| Journal | Journal of experimental psychology. Learning, memory, and cognition |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
