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Conditions For Maximizing Expected Value In Repeated Choices From Experience, Andrea Y. Ranieri
Conditions For Maximizing Expected Value In Repeated Choices From Experience, Andrea Y. Ranieri
USF Tampa Graduate Theses and Dissertations
It is largely expected that people can learn from past experiences and use this knowledge to make better decisions in the future. However, there are aspects inherent in experiential learning which may affect the extent to which people can extract and use information from experiential feedback to make advantageous decisions. Three aspects inherent in experiential learning were identified: (1) it is reliant on memory, (2) information is gathered exclusively through outcome feedback, and (3) outcome feedback is inherently dynamic. The current investigation explored how each of these aspects may help shape experiential decision making, and examined how the presence of …