We study learning in a bandit problem where the outcome probabilities of six arms switch (jump) over time a restless bandit. In the experiment, optimal Bayesian learning tracks the jumps through learning of the probability of a jump or direct jump detection and, once a jump has occurred,...

Objective: The objective of the article is to investigate how cognitive framing of initiative failure affects strategic decision-making by entrepreneurs and managers in terms of exploitation and exploration. Research Design & Methods: A set of hypotheses is tested in a quasi-experimental study...