Reciprocity is common in economic and social domains, and it has been widely documented in the laboratory. While positive and negative reciprocity are observed in investment and ultimatum games, respectively, prior laboratory studies often neglect the effect of time delays that are common in...

This paper presents a learning theory pertinent to dynamic decision making (DDM) called instancebased learning theory (IBLT). IBLT proposes five learning mechanisms in the context of a decision-making process: instance-based knowledge, recognition-based retrieval, adaptive strategies,...

This paper presents a case of parsimony and generalization in model comparisons. We submitted two versions of the same cognitive model to the Market Entry Competition (MEC), which involved four-person and two-alternative (enter or stay out) games. Our model was designed according to the...

Recent research in behavioral sciences presents strong evidence of poor human understanding for dynamic systems. Computer-based dynamic control tasks have an important potential for helping behavioral scientists advance research that investigates reasons for poor understanding and for helping...

It has been proposed that decision makers often misperceive the feedback provided by dynamically complex environments, and some have questioned whether people are capable of learning effective decision-making in such environments. Indeed, some (e.g., Sterman,1989) researchers believe that humans...

The usefulness of the dual-process theory of automaticity to dynamic decisionmaking tasks is unclear. Dynamic decision making is characterized by multiple, diverse, and interrelated decisions that are often constrained by time limitations and workload. We investigated the relevance of this...

Accumulation is a fundamental process in dynamic systems: inventory accumulates production less shipments; the national debt accumulates the federal deficit. Effective decision making in such systems requires an understanding of the relationship between stocks and the flows that alter them....