2008
DOI: 10.1016/j.cognition.2008.09.007
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The smart potential behind probability matching

Abstract: Probability matching is a classic choice anomaly that has been studied extensively. While many approaches assume that it is a cognitive shortcut driven by cognitive limitations, recent literature suggests that it is not a strategy per se, but rather another outcome of people's well-documented misperception of randomness. People search for patterns even in random sequences, which results in probability matching at the outcome level. Previous studies have supported this by the finding that distracting people wit… Show more

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Cited by 180 publications
(193 citation statements)
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References 27 publications
(29 reference statements)
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“…Pðx is goodÞ Pðx is goodÞ + Pðy is goodÞ : [2] This rule is known to be optimal when there is competition for resources (39,40) and when the estimated probabilities change in time (41)(42)(43)(44). Probability matching in Eq.…”
Section: Resultsmentioning
confidence: 99%
“…Pðx is goodÞ Pðx is goodÞ + Pðy is goodÞ : [2] This rule is known to be optimal when there is competition for resources (39,40) and when the estimated probabilities change in time (41)(42)(43)(44). Probability matching in Eq.…”
Section: Resultsmentioning
confidence: 99%
“…Or perhaps they felt that maximizing was too simple a strategy to be the optimal solution to the decision task they faced. It has also been suggested, although it does not apply to the context of our experiments, that matching may arise from a (futile) search for patterns in the random outcome sequence (see, e.g., Gaissmaier & Schooler, 2008). All of these possibilities result from what might be considered forms of overthinking rather than underthinking.…”
Section: Methodsmentioning
confidence: 75%
“…This is an exceptionally consistent effect known as "probability matching." It has been replicated in dozens of laboratories, under myriad task conditions, and is extremely robust, persisting for thousands of trials (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)(14)(15). Most theories treat this behavior as a fundamental failure of rational decision making.…”
mentioning
confidence: 99%