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| Author: | Paich, M. Sterman, J. |
| Title: | Boom, bust, and failures to learn in experimental markets |
| Journal: | Management Science
1993 : DEC, VOL. 39:12, p. 1439-1458 |
| Index terms: | DECISION MAKING SIMULATION SYSTEM DYNAMICS |
| Language: | eng |
| Abstract: | A decision making task portraying new product dynamics is used to test the theory by varying the strength of key feedback processes in a simulated market. Subjects performed the task repeatedly, encouraging learning. Nevertheless, performance relative to potential is poor and is severely degraded when the feedback complexity of the environment is high, supporting the misperception of feedback hypothesis. The negative effects of feedback complexity on performance were not moderated by experience, even though average performance improved. |
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