Document Detail

How do people learn to allocate resources? Comparing two learning theories.
MedLine Citation:
PMID:  14622047     Owner:  NLM     Status:  MEDLINE    
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.
Jörg Rieskamp; Jerome R Busemeyer; Tei Laine
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Publication Detail:
Type:  Comparative Study; Journal Article; Research Support, U.S. Gov't, Non-P.H.S.    
Journal Detail:
Title:  Journal of experimental psychology. Learning, memory, and cognition     Volume:  29     ISSN:  0278-7393     ISO Abbreviation:  J Exp Psychol Learn Mem Cogn     Publication Date:  2003 Nov 
Date Detail:
Created Date:  2003-11-19     Completed Date:  2004-04-21     Revised Date:  2006-11-15    
Medline Journal Info:
Nlm Unique ID:  8207540     Medline TA:  J Exp Psychol Learn Mem Cogn     Country:  United States    
Other Details:
Languages:  eng     Pagination:  1066-81     Citation Subset:  IM    
Copyright Information:
((c) 2003 APA, all rights reserved)
Department of Psychology, Indiana University Bloomington, Bloomington, IN, USA. neskamp@
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MeSH Terms
Decision Making
Generalization (Psychology)
Models, Psychological
Models, Statistical
Problem Solving
Psychological Theory*
Set (Psychology)

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