Arbeitspapier
Randomization and Simplification
Randomization may add beneficial flexibility to the construction of optimal simple decision rules in dynamic environments. A decision maker, restricted to the use of simple rules, may find a stochastic rule that strictly outperforms all deterministic ones. This is true even in highly separable Markovian environments where the set of feasible choices is stationary and the decision maker's choices have no influence on future payoff functions. In separable environments, however, the period selection of an action can still be deterministic; only the transitions in the evolution of his behavior may require randomization.
- Language
-
Englisch
- Bibliographic citation
-
Series: Discussion Paper ; No. 1283
- Classification
-
Wirtschaft
- Subject
-
Markovian decision making
simple strategies
automata
deterministic decision rules
random decision rules
- Event
-
Geistige Schöpfung
- (who)
-
Kalai, Ehud
Solan, Eilon
- Event
-
Veröffentlichung
- (who)
-
Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science
- (where)
-
Evanston, IL
- (when)
-
2000
- Handle
- Last update
- 10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Kalai, Ehud
- Solan, Eilon
- Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science
Time of origin
- 2000
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