Effects of feedback and educational Training on Maximization in choice Tasks: Experimental-game Evidence

G. Antonides, S. Maital

Research output: Contribution to journalArticleAcademicpeer-review

7 Citations (Scopus)

Abstract

Compelling evidence exists that behavior is inconsistent with the assumptions of expected-utility maximization. However, if learning occurs, then maximization may take place asymptotically (albeit slowly). But a series of experiments by Herrnstein and his associates show that under very general conditions, feedback and experience lead people away from maximization, rather than toward it––a phenomenon termed "melioration." In this paper, we describe two experiments designed to explore the interactions among cognitive skills, maximization, and feedback. Using students of Economics and Industrial Engineering, we show that clear constructive feedback is a partial substitute for cognitive skills in decision-making.
LanguageEnglish
Pages155-165
JournalJournal of Socio-Economics
Volume31
Issue number2
DOIs
Publication statusPublished - 2002

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Education
Experimental games
Cognitive skills
Experiment
Economics
Industrial engineering
Substitute
Expected utility maximization
Decision making
Interaction

Cite this

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Effects of feedback and educational Training on Maximization in choice Tasks: Experimental-game Evidence. / Antonides, G.; Maital, S.

In: Journal of Socio-Economics, Vol. 31, No. 2, 2002, p. 155-165.

Research output: Contribution to journalArticleAcademicpeer-review

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