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Uncertainty and Exploration in a Restless Bandit Problem

Speekenbrink, M; Konstantinidis, E; (2015) Uncertainty and Exploration in a Restless Bandit Problem. Topics in Cognitive Science , 7 (2) pp. 351-367. 10.1111/tops.12145. Green open access

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Abstract

Decision making in noisy and changing environments requires a fine balance between exploiting knowledge about good courses of action and exploring the environment in order to improve upon this knowledge. We present an experiment on a restless bandit task in which participants made repeated choices between options for which the average rewards changed over time. Comparing a number of computational models of participants' behavior in this task, we find evidence that a substantial number of them balanced exploration and exploitation by considering the probability that an option offers the maximum reward out of all the available options.

Type: Article
Title: Uncertainty and Exploration in a Restless Bandit Problem
Location: United States
Open access status: An open access version is available from UCL Discovery
DOI: 10.1111/tops.12145
Publisher version: http://dx.doi.org/10.1111/tops.12145
Language: English
Additional information: This is the peer reviewed version of the following article: Speekenbrink, M; Konstantinidis, E; (2015) Uncertainty and Exploration in a Restless Bandit Problem. Topics in Cognitive Science, 7 (2) pp. 351-367. 10.1111/tops.12145, which has been published in final form at http://dx/doi.org/10.1111/tops.12145. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms).
Keywords: Dynamic decision making, Exploration-exploitation trade-off, Restless multi-armed bandit task, Uncertainty, Volatility
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Experimental Psychology
URI: https://discovery.ucl.ac.uk/id/eprint/1470745
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