THE INFLUENCE OF ENVIROMENTAL NONSTATIONARITY IN A SEQUENTIAL DECISION-MAKING EXPERIMENT
RAND CORP SANTA MONICA CA
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A study was made on a series of pilot experiments, and on their theoretical background, that investigated the effect on human decision-making of a belief that the environment is changing when in reality it is constant. The results suggest that subjects tend to search more among poorer alternatives when they believe that the situation is changeable, and in conformity with mathematical models suggested by W. K. Estes and R. R. Bush to describe the two types of decision-making behavior.
- Operations Research