IMO MORSe Seminar: Daniel Albert (UWM)

Daniel Albert from the University of Wisconsin-Milwaukee will be presenting his latest paper entitled "Short-termism as a long-term search-strategy?" on the 10th of January in PC04 in the blue building from 12:30-14:00

 

Abstract: A widely held belief in strategic decision-making is that if information were free and perfectly accurate, acquiring more information about the consequences of one’s choices should always lead to greater long-term performance. In this paper, we revisit this axiomatic belief and explore whether and when this is truly the case. Using computer simulations, we find in most cases that short-term focused decision-making outperforms more foresighted decision-making, both instantaneously and in the long run. For foresightedness to outperform short-termism, we identify a narrow set of environmental conditions that need to apply. Long-termism performs best in environments that are driven by the accumulation of usage specific resources. Longtermism also becomes favorable in environments where strategies are substantially heterogeneous in their performance.