On the Effect of Practice on Exploration and Exploitation of Options and Strategies

Abstract

Insufficient exploration of one’s surroundings is at the root of many real-life problems, as demonstrated by many famous biases (e.g., the status quo bias, learned helplessness). The current work focuses on the emergence of this phenomenon at the strategy level: the tendency to under-explore the set of available choice strategies. We demonstrate that insufficient exploration of strategies can also manifest as excessive exploration between options. In such cases, interventions aimed at improving choices by reducing the costs of exploration of options are likely to fail. In Study 1, participants faced an exploration task that implies an infinite number of choice strategies and a small sub-set of (near) optimal solutions. We manipulated the amount of practice participants underwent during the first, shorter game and compared their performance in a second, longer game with an identical payoff structure. Our results show that regardless of the amount of practice, participants in all experimental groups tended to under-explore the strategy space and relied on a specific strategy that implied over-exploration of the option space. That is, under-exploration of strategies was manifested as over-exploration of options. In Study 2, we added a constraint that, on a subset of practice trials, forced participants to exploit familiar options. This manipulation almost doubled the per-trial average outcome on the comparable longer second game. This suggests that forcing participants to experience the effects of different (underexplored) strategy components during practice can greatly increase the chance they make better choices later on.