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Revisiting the competency trap
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Denrell, Jerker and Le Mens, Gaël (2020) Revisiting the competency trap. Industrial and Corporate Change, 29 (1). pp. 183-205. doi:10.1093/icc/dtz072 ISSN 0960-6491.
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Official URL: https://doi.org/10.1093/icc/dtz072
Abstract
We revisit the competency trap and reexamine when it occurs. We show that a bias against alternatives that improve with practice does not require that learning is myopic in the sense of lacking foresight or failing to explore. The same bias occurs even if learners engage in substantial exploration and have foresight. In fact, we demonstrate that even a rational and foresighted learner, who follow an optimal strategy for balancing exploration and exploitation, will learn to prefer alternatives with initially high payoffs that decrease with practice over alternatives, with identical expected values, that have initially low payoffs that increase with practice. Our results show that a bias against alternatives that improve with practice is due to an asymmetry in error correction rather than to myopic learning. The implication is that a wide range of selection systems, even optimally designed ones, will be biased against late-bloomers.
Item Type: | Journal Article | ||||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
Journal or Publication Title: | Industrial and Corporate Change | ||||||||
Publisher: | Oxford University Press | ||||||||
ISSN: | 0960-6491 | ||||||||
Official Date: | February 2020 | ||||||||
Dates: |
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Volume: | 29 | ||||||||
Number: | 1 | ||||||||
Page Range: | pp. 183-205 | ||||||||
DOI: | 10.1093/icc/dtz072 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | This is a pre-copyedited, author-produced version of an article accepted for publication in Industrial and Corporate Change following peer review. The version of record 'Jerker Denrell, Gaël Le Mens, Revisiting the competency trap, Industrial and Corporate Change, dtz072, doi:10.1093/icc/dtz072 is available online at: https://doi.org/10.1093/icc/dtz072. | ||||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||||
Date of first compliant deposit: | 22 November 2019 | ||||||||
Date of first compliant Open Access: | 24 January 2020 | ||||||||
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