Information processing in a three-actions dynamic decision model (Q1205685)
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scientific article; zbMATH DE number 148007
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Information processing in a three-actions dynamic decision model |
scientific article; zbMATH DE number 148007 |
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Information processing in a three-actions dynamic decision model (English)
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1 April 1993
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The authors introduce a finite-horizon stochastic dynamic program to maximize the expected utility of wealth at the end of the planning horizon. At each stage three actions are admissible. If action 1 is choosen the decision maker is able to learn about the unknown distribution of the stochastic outcomes. In case of action 2 (resp. 3) the learning process is interrupted (resp. stopped). Monotonicity arguments are used to give structural results of an optimal strategy.
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finite-horizon stochastic dynamic program
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learning process
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0.8193621039390564
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0.7796682119369507
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0.7646861672401428
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0.7628451585769653
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