Adaptation as Information Restriction: The Hot Stove Effect

By Jerker Denrell, James G. March. 2001

655 citations recorded by the source corpus.

Subfields: Demography, General Decision Sciences, Safety Research

View Paper: https://www.semanticscholar.org/paper/9f12ec5dc0ab2a6b706321011c534529277133dd

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Citations in the corpus

Comparing Aspiration Models: The Role of Selective Attention (2010, neutral): “Some measure aspirations as an average of social comparison and firm past performance (Greve 1998, Denrell and March 2001, Audia and Greve 2006), others use switching models of comparison and past performance (Bromiley 1991, Deephouse and Wiseman 2000), and others use separate social comparison and…”
Effects of feedback delay on learning (2009, background): “Moreover, stochasticity in results creates a bias against more debatable strategies for which an unlucky first experience discourages future experimentation (Denrell and March 2001).”
Cognition and Capabilities: A Multi-Level Perspective (2013, neutral): “…d by [ Y or k U ni ve rs ity L ib ra ri es ] at 2 0: 17 1 3 N ov em be r 20 14 poor performance that increases the risk of bankruptcy (March & Shapira, 1992; Miller & Chen, 2004) or occurs in unfamiliar domains (Denrell & March, 2001; Eggers, 2012b; Eggers & Suh, 2012) may dampen search activities.”
Modelling Bounded Rationality in Organizations: Progress and Prospects† (2015, background): “Papers that have examined the consequence of this learning problem show that agents can learn to become risk averse over time (March 1996; Denrell and March, 2001) and thereby may systematically underinvest into higher-variance, more innovative outcomes.”
Effectual versus predictive logics in entrepreneurial decision making: Differences between experts and novices: Does experience in starting new ventures change the way entrepreneurs think? Perhaps, but for now, "Caution" is essential (2009, neutral): “In causal calculations, there is an explicit effort to avoid unpleasant surprises — even, as Denrell and March (2001) argued, to avoid all surprises, positive and negative.”
Organizational Aspirations, Reference Points, and Goals (2012, background): “Denrell and March (2001), for example, show that slow adaptation leads to increased risk taking.”
Unpacking the Exploration–Exploitation Tradeoff: A Synthesis of Human and Animal Literatures (2015, background): “A formal demonstration of the interrelatedness of choices through learning over time comes from Denrell and March (2001),”
Learning, risk attitude and hot stoves in restless bandit problems (2009, background): “Denrell (2005, 2007) and Denrell and March (2001) extended this analysis and demonstrated that risk aversion is a product of the ‘‘hot stove effect’’: The hot stove effect is a natural consequence of the inherent asymmetry between the effect of good and bad experiences.”
The Behavioral Theory of the Firm: Assessment and Prospects (2012, methodology): “In the management literature, March ( 1991 ) originally formulated his analysis in terms of a specific form of a genetic algorithm 2 ; subsequently, he reformulated his discussion of learning in terms of the bandit model (Denrell & March, 2001 ; March 1996 , 2003 , 2010 ).”