Uncertainty and Exploration in a Restless Bandit Problem
Copyright policy )Uncertainty and Exploration in a Restless Bandit Problem
Abstract Decision making in noisy and changing environments requires a fine balance between exploiting knowledge about good courses of action and exploring the environment in order to improve upon this knowledge. We present an experiment on a restless bandit task in which participants made repeated choices between options for which the average rewards changed over time. Comparing a number of computational models of participants’ behavior in this task, we find evidence that a substantial number of them balanced exploration and exploitation by considering the probability that an option offers the maximum reward out of all the available options.
Adult, Male, Exploration-exploitation trade-off, Adolescent, Decision Making, Uncertainty, Middle Aged, Models, Theoretical, Restless multi-armed bandit task, Young Adult, Reward, Volatility, Exploratory Behavior, Humans, Female, Dynamic decision making
Adult, Male, Exploration-exploitation trade-off, Adolescent, Decision Making, Uncertainty, Middle Aged, Models, Theoretical, Restless multi-armed bandit task, Young Adult, Reward, Volatility, Exploratory Behavior, Humans, Female, Dynamic decision making
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