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How do people solve the explore–exploit trade-off in a changing environment? In this paper we present experimental evidence from an “observe or bet” task, in which people have to determine when to engage in information-seeking behavior and when to switch to reward-taking actions. In particular we focus on the comparison between people’s behavior in a changing environment and their behavior in an unchanging...
In a world of limited resources, scarcity and rivalry are central challenges for decision makers—animals foraging for food, corporations seeking maximal profits, and athletes training to win, all strive against others competing for the same goals. In this article, we establish the role of competitive pressures for the facilitation of optimal decision making in simple sequential binary choice tasks...
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