|There is no reason to suppose that most human beings are
engaged in maximizing anything unless it be unhappiness,
and even this with incomplete success.
|R.H. Coase (1980), The Firm, the Market, and the Law, p. 4|
[Copyright neth.de, 2006]:
Hans Neth, Chris Sims, Wayne Gray (2006). Melioration dominates maximization: Stable suboptimal performance despite global feedback. Paper presented at CogSci 2006.
Abstract: Situations that present individuals with a conflict between local and global gains often evoke a behavioral pattern known as melioration — a preference for immediate rewards over higher long-term gains. Using a variant of a binary forced- choice paradigm by Tunney & Shanks (2002), we explored the potential role of global feedback as a means to reduce this bias.