Missing Out by Pursuing Rewarding Outcomes: Why Initial Biases Can Lead to Persistent Suboptimal Choices

While there are abundant reasons that might lead us to form wrong first impressions, further interaction (sampling) opportunities should allow us to attenuate such initial biases. Sometimes, however, theses biases persist despite repeated sampling opportunities, such as in superstitions or stereotypes. In two studies (Ns = 100), we investigate this phenomenon. We demonstrate that in a task in which participants could repeatedly choose between two options to gain rewards, erroneous initial impressions about yielded outcomes can lead to persisting biases toward a clearly inferior option. We argue that a premature focus on reward pursuit (exploitation) rather than exploration is the cause of these biases, which persist despite plenty of opportunities and a presumed motivation to overcome them. By focusing on a supposedly best option, participants never give themselves the chance to sufficiently try out alternatives and thereby overcome their initial biases. We conclude that going for the money is not always the best strategy.