Topic
Dynamic decision-making
About: Dynamic decision-making is a research topic. Over the lifetime, 650 publications have been published within this topic receiving 26213 citations.
Papers published on a yearly basis
Papers
TL;DR: This paper provided a conceptual analysis of feedback and reviewed the evidence related to its impact on learning and achievement, and suggested ways in which feedback can be used to enhance its effectiveness in classrooms.
Abstract: Feedback is one of the most powerful influences on learning and achievement, but this impact can be either positive or negative. Its power is frequently mentioned in articles about learning and teaching, but surprisingly few recent studies have systematically investigated its meaning. This article provides a conceptual analysis of feedback and reviews the evidence related to its impact on learning and achievement. This evidence shows that although feedback is among the major influences, the type of feedback and the way it is given can be differentially effective. A model of feedback is then proposed that identifies the particular properties and circumstances that make it effective, and some typically thorny issues are discussed, including the timing of feedback and the effects of positive and negative feedback. Finally, this analysis is used to suggest ways in which feedback can be used to enhance its effectiveness in classrooms.
9,895 citations
TL;DR: In this paper, the authors report an experiment on the generation of macrodynamics from microstructure in a common managerial context, where subjects manage a simulated inventory distribution system which contains multiple actors, feedbacks, nonlinearities, and time delays.
Abstract: Studies in the psychology of individual choice have identified numerous cognitive and other bounds on human rationality, often producing systematic errors and biases. Yet for the most part models of aggregate phenomena in management science and economics are not consistent with such micro-empirical knowledge of individual decision-making. One explanation has been the difficulty of extending the experimental methods used to study individual decisions to aggregate, dynamic settings. This paper reports an experiment on the generation of macrodynamics from microstructure in a common managerial context. Subjects manage a simulated inventory distribution system which contains multiple actors, feedbacks, nonlinearities, and time delays. The interaction of individual decisions with the structure of the simulated firm produces aggregate dynamics which systematically diverge from optimal behavior. An anchoring and adjustment heuristic for stock management is proposed as a model of the subjects' decision processes. ...
2,574 citations
TL;DR: Change is accelerating, and as the complexity of the systems in which the authors live grows, so do the unanticipated side effects of human actions, further increasing complexity.
Abstract: Change is accelerating, and as the complexity of the systems in which we live grows, so do the unanticipated side effects of human actions, further increasing complexity. Many scholars call for the development of systems thinking to improve our ability to manage wisely. But how do people learn in and about complex dynamic systems? Learning is a feedback process in which our decisions alter the real world, we receive information feedback about the
1,355 citations
TL;DR: The authors explored situations in which the information available to decision makers is limited to feedback concerning the outcomes of their previous decisions and found that experience in these situations can lead to deviations from maximization in the opposite direction of the deviations observed when the decisions are made based on a description of the choice problem.
Abstract: The present paper explores situations in which the information available to decision makers is limited to feedback concerning the outcomes of their previous decisions. The results reveal that experience in these situations can lead to deviations from maximization in the opposite direction of the deviations observed when the decisions are made based on a description of the choice problem. Experience was found to lead to a reversed common ratio/certainty effect, more risk seeking in the gain than in the loss domain, and to an underweighting of small probabilities. Only one of the examined properties of description-based decisions, loss aversion, seems to emerge robustly in these ‘feedback-based’ decisions. These results are summarized with a simple model that illustrates that all the unique properties of feedback-based decisions can be a product of a tendency to rely on recent outcomes. Copyright # 2003 John Wiley & Sons, Ltd.
802 citations
TL;DR: The results show that there are wide interindividual differences in performance, but no stable correlations between performance in microworlds and scores on traditional psychological tests have been found, and an important first step towards a better understanding of these phenomena has been taken.
794 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2026 | 1 |
| 2025 | 15 |
| 2024 | 7 |
| 2023 | 12 |
| 2022 | 15 |
| 2021 | 25 |