Multifaceted confidence in exploratory choice
Our choices are typically accompanied by a feeling of confidence - an internal estimate that they are correct. Correctness, however, depends on our goals. For example, exploration-exploitation problems entail a tension between short- and long-term goals: finding out about the value of one option could mean foregoing another option that is apparently more rewarding. Here, we hypothesised that after making an exploratory choice that involves sacrificing an immediate gain, subjects will be confident that they chose a better option for long-term rewards, but not confident that it was a better option for immediate reward. We asked 250 subjects across 2 experiments to perform a varying-horizon two-arm bandits task, in which we asked them to rate their confidence that their choice would lead to more immediate, or more total reward. Confirming previous studies, we found a significant increase in exploration with increasing trial horizon, but, contrary to our predictions, we found no difference between confidence in immediate or total reward. This dissociation is further evidence for a separation in the mechanisms involved in choices and confidence judgements.