Abstract: Experience-based decision making refers to the choice that the individual obtains payoff distribution by repetition and feedback in the context of statistical probability. The paradigm of experience-based decision making includes exploration to exploit paradigm and exploration and exploit paradigm. The implicated decision-maker hypothesis is naïve intuitive statistician. Following this approach, focuses on description-experience gap and its reasons, and also concerns experience-based inner decision processes. Finally, the issues worthy of further research were also outlined, such as description-experience gap and its causes, the model and the application of experience-based decision making.

Key words: experience, decision making, experience-based decision making, description-based decision making, description-experience gap