A re‐examination of probability matching and rational choice
Volume: 15, Issue: 3, Pages: 233 - 250
Published: Mar 18, 2002
Abstract
In a typical probability learning task participants are presented with a repeated choice between two response alternatives, one of which has a higher payoff probability than the other. Rational choice theory requires that participants should eventually allocate all their responses to the high‐payoff alternative, but previous research has found that people fail to maximize their payoffs. Instead, it is commonly observed that people match their...
Paper Details
Title
A re‐examination of probability matching and rational choice
Published Date
Mar 18, 2002
Volume
15
Issue
3
Pages
233 - 250
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