Explore/exploit tradeoff strategies with accumulating resources 1 Explore/exploit tradeoff strategies in a resource accumulation search task [revised/resubmitted to Cognitive Science] Ke Sang1, Peter M. Todd1, Robert L. Goldstone1, and Thomas T. Hills2 1 Cognitive Science Program and Department of Psychological and Brain Sciences, Indiana University Bloomington 2 Department of Psychology, University of Warwick REVISION 7/5/2018 Contact information: Peter M. Todd Indiana University, Cognitive Science Program 1101 E. 10th Street, Bloomington, IN 47405 USA phone: +1 812 855-3914 email:
[email protected] Explore/exploit tradeoff strategies with accumulating resources 2 Abstract How, and how well, do people switch between exploration and exploitation to search for and accumulate resources? We study the decision processes underlying such exploration/exploitation tradeoffs by using a novel card selection task. With experience, participants learn to switch appropriately between exploration and exploitation and approach optimal performance. We model participants’ behavior on this task with random, threshold, and sampling strategies, and find that a linear decreasing threshold rule best fits participants’ results. Further evidence that participants use decreasing threshold-based strategies comes from reaction time differences between exploration and exploitation; however, participants themselves report non-decreasing thresholds. Decreasing threshold strategies that “front-load” exploration and switch quickly to exploitation are particularly effective