| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19043 |
| 来源ID | Working Paper 19043 |
| Two-Armed Restless Bandits with Imperfect Information: Stochastic Control and Indexability | |
| Roland G. Fryer, Jr.; Philipp Harms | |
| 发表日期 | 2013-05-09 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We present a two-armed bandit model of decision making under uncertainty where the expected return to investing in the "risky arm'' increases when choosing that arm and decreases when choosing the "safe'' arm. These dynamics are natural in applications such as human capital development, job search, and occupational choice. Using new insights from stochastic control, along with a monotonicity condition on the payoff dynamics, we show that optimal strategies in our model are stopping rules that can be characterized by an index which formally coincides with Gittins' index. Our result implies the indexability of a new class of "restless'' bandit models. |
| 主题 | Labor Economics ; Labor Supply and Demand ; Industrial Organization |
| URL | https://www.nber.org/papers/w19043 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576717 |
| 推荐引用方式 GB/T 7714 | Roland G. Fryer, Jr.,Philipp Harms. Two-Armed Restless Bandits with Imperfect Information: Stochastic Control and Indexability. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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