Before revision:  They are uncertain about the underlying distribution (e.g. talent distribution in the labor pool) and learn its parameters from their predecesors . Agents stop when early draws are deemed "good enough," so predecessors' experience contain negative streaks but not positive streaks.
After revision:  They are uncertain about the underlying distribution (e.g. talent distribution in the labor pool) and learn its parameters from predecessors . Agents stop when early draws are deemed "good enough," so predecessors' experience contain negative streaks but not positive streaks.