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Adaptive Learning and Risk Taking

Abstract:

Humans and animals learn from experience by reducing the probability of sampling alternatives with poor past outcomes. Using simulations, J. G. March (1996) illustrated how such adaptive sampling could lead to risk-averse as well as risk-seeking behavior. In this article, the author develops a formal theory of how adaptive sampling influences risk taking. He shows that a risk-neutral decision maker may learn to prefer a sure thing to an uncertain alternative with identical expected value and ...

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Jerker Denrell More by this author
Publication date:
2007
URN:
uuid:022aa24d-918c-4648-aa69-3b013eb55830
Local pid:
oai:eureka.sbs.ox.ac.uk:995

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