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| Author: | Denrell, J. March, J. G. |
| Title: | Adaptation as Information Restriction: The Hot Stove Effect |
| Journal: | Organization Science
2001 : SEP-OCT, VOL. 12:5, p. 523-538 |
| Index terms: | INFORMATION SYSTEMS THEORY RISK |
| Language: | eng |
| Abstract: | Individuals and social systems are often portrayed as risk averse and resistant to change. Such propensities are characteristically attributed to individual, organizational, and cultural traits such as risk aversion, uncertainty- avoidance, discounting, and an unwillingness to change. This paper explores an alternative interpretation of such phenomena. The authors show how the reproduction of successful actions inherent in adaptive processes, such as learning and competitive selection and reproduction, results in a bias against alternatives that initially may appear to be worse than they actually are. In particular, learning and selection are biased against both risky and novel alternatives. |
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