||This study explored the possibility that despite its seemingly 'higher' cognitive status, the ability to adaptively switch to a new strategy may be interpreted as stimulus-reward learning, by which participants switch to a new strategy when a previously rewarded strategy becomes ineffective. This 'minimal' view of metacognitive regulation was contrasted with a 'rich' model according to which changes in strategy selection are mediated by metacognitive knowledge of strategy efficiency. A novel Strategy Selection paradigm and a novel response reversal paradigm (called the Pay Off task) were created to measure adaptivity of switching performance. The minimal view predicts that participants who readily adapt to more effective strategies will also quickly adapt to new patterns of reward contingencies. However, to the extent that the Pay Off task measures operant learning sensitivity, results indicate that metacognitive awareness is a better predictor of adaptive strategy flexibility.