Exploration, exploitation, and development: Developmental shifts in decision‐making

Abstract Decision‐making requires balancing exploration with exploitation, yet children are highly exploratory, with exploration decreasing with development. Less is known about what drives these changes. We examined the development of decision‐making in 188 three‐ to eight‐year‐old children ( M = 64 months; 98 girls) and 26 adults ( M = 19 years; 13 women). Children were recruited from ethnically diverse suburban middle‐class neighborhoods of Columbus, Ohio, USA. Results indicate that mature reward‐based choices emerge relatively late in development, with children tending to over‐explore. Computational modeling suggests that this exploration is systematic rather than random, as children tend to avoid repeating choices made on the previous trial. This pattern of exploration (reminiscent of novelty preference) decreased with development, whereas the tendency to exploit increased.