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Pàgina inicial > Articles > Articles publicats > Convergence in a sequential two stages decision making process |
Data: | 2016 |
Resum: | We analyze a sequential decision making process, in which at each step the decision is made in two stages. In the first stage a partially optimal action is chosen, which allows the decision maker to learn how to improve it under the new environment. We show how inertia (cost of changing) may lead the process to converge to a routine where no further changes are made. We illustrate our scheme with some economic models. |
Ajuts: | Ministerio de Ciencia e Innovación MTM2011-29064-C03-01 |
Nota: | Altres ajuts: Australian Research Council DP140103213 |
Drets: | Tots els drets reservats. |
Llengua: | Anglès |
Document: | Article ; recerca ; Versió sotmesa a revisió |
Matèria: | Sequential decision making ; Costs to change ; Convergence2002- |
Publicat a: | Bulletin of the Iranian Mathematical Society, Vol. 42, Núm. 7 (December 2016) , p. 25-29, ISSN 1735-8515 |
Preprint 5 p, 356.9 KB |