Decision · 2018 · 135 citations · 0 references
BusinessDecision SciencesDecision TheoryMarkov Decision ProcessesUncertainty QuantificationChoice Under UncertaintyDecision Under UncertaintyDecision-making Under UncertaintyExploration-exploitation TradeoffOptimization Under UncertaintyReinforcement LearningAnalytic ApproximationsBandit AlgorithmsDirected ExplorationExplorationExploration In Reinforcement LearningExploration Under UncertaintyMulti-armed Bandit ExperimentsStochasticity
uncertainty. This paper reports a multi-armed bandit experiment in which total and relative uncertainty were orthogonally manipulated. We found that humans employ both exploration strategies, and that these strategies are independently controlled by different uncertainty computations.