Volitional Learning: Performance Feedback and the Pace of Experience

Abstract

This study examines how performance feedback affects the timing of subsequent experiences. We define volitional learning as the process through which organizations or decision makers actively and voluntarily determine when to engage in subsequent trials. Volitional learning can be observed in contexts such as new product launches and R&D projects. Drawing on performance feedback theory, we posit that performance above aspiration leads to a longer duration from the current to the next experiences compared to performance below aspiration. For performance above the aspiration level, performance closer to the aspiration level increases the duration. For performance below the aspiration level, performance closer to the aspiration level decreases the duration. We tested and found support for our hypotheses in the context of serial entrepreneurship in reward-based crowdfunding campaigns launched by 143,761 unique entrepreneurs over six years. Theoretical and practical implications are discussed.