Name
Abstract | ||
|---|---|---|
Randomization adds beneficial flexibility to the construction of optimal simple plans in dynamic environments. A decision-maker, restricted to the use of simple plans, may find a stochastic plan that strictly outperforms all deterministic ones. This is true even in noninteractive deterministic environments where the decision-maker's choices have no influence on his signals nor on the future evolution of the system. We describe a natural decomposition of simple plans into two components: an action selection rule and a behavior modification rule. In noninteractive environments optimal simple plans do not require randomization in the action selection rule. Only randomization in the behavior modification rule may be necessary. |
Year | DOI | Venue |
|---|---|---|
2003 | 10.1016/S0022-0531(03)00072-3 | Journal of Economic Theory |
Keywords | DocType | Volume |
C61,C44 | Journal | 111 |
Issue | ISSN | Citations |
2 | 0022-0531 | 2 |
PageRank | References | Authors |
0.49 | 1 | 2 |
Name | Order | Citations | PageRank |
|---|---|---|---|
| Ehud Kalai | 1 | 135 | 44.65 |
| Eilon Solan | 2 | 241 | 40.21 |