糖心TV

Elliot Ludvig (Department of Psychology)

Memory biases in risky decisions from experience

When making decisions based on past experiences, people must rely on their memories. These memories, however, are often not veridical. Here, I briefly present data from a series of related experiments that show how people’s memory biases can sway risky choice in decisions from experience. Most notably, people are overly sensitive to extreme events and can be biased at decision time by reminders of past winning outcomes. I interpret these results in terms of a reinforcement-learning model, which learns values incrementally from both real and replayed experiences. The model provides a new way of looking at two-system models of decision-making, where the two systems interact cooperatively rather than competitively.

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