Action-Based Learning: Goals and Attention in the Acquisition of Market Knowledge

Abstract

In this article, the authors examine the costs and benefits of action-based learning (i.e., learning that occurs as a by-product of making repeated decisions with outcome feedback). The authors report the results of three experiments that investigate the effects of different decision goals on what is learned and how transferable that learning is across related decision tasks. Contrary to popular wisdom, compared with traditional learning, experiential learning is likely to be a risky proposition because it can be either accurate and efficient or errorful and biased.

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