| How do people learn to allocate resources? Comparing two learning theories. | |
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MedLine Citation:
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PMID: 14622047 Owner: NLM Status: MEDLINE |
Abstract/OtherAbstract:
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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. |
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Authors:
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Jörg Rieskamp; Jerome R Busemeyer; Tei Laine |
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Publication Detail:
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Type: Comparative Study; Journal Article; Research Support, U.S. Gov't, Non-P.H.S. |
Journal Detail:
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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:
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Created Date: 2003-11-19 Completed Date: 2004-04-21 Revised Date: 2006-11-15 |
Medline Journal Info:
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Nlm Unique ID: 8207540 Medline TA: J Exp Psychol Learn Mem Cogn Country: United States |
Other Details:
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Languages: eng Pagination: 1066-81 Citation Subset: IM |
Copyright Information:
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((c) 2003 APA, all rights reserved) |
Affiliation:
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Department of Psychology, Indiana University Bloomington, Bloomington, IN, USA. neskamp@ mpib-berlin.mpg.de |
Export Citation:
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| MeSH Terms | |
Descriptor/Qualifier:
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Adult Attention* Decision Making Feedback Female Generalization (Psychology) Humans Investments Learning* Male Models, Psychological Models, Statistical Motivation Problem Solving Psychological Theory* Set (Psychology) |
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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