Self-Confirming Biased Beliefs in Organizational “Learning by Doing”

Table 2

Model parameters.

Parameter	Definition	Possible values	Sampled space
m	The number of alternatives	Positive integer	50
T	Learning period	Positive integer	1∼100,000
τ	Degree of exploration	Real number (0, ∞)	Baseline case: 0 exploration: 0.01∼1
N	The number of agents	Positive integer	Baseline case: 1 social learning: 2 larger systems: 1∼15
γ	The degree of responsiveness	Real number (−∞, ∞)	Investment task: 0.1 depletion task: −0.1