Optimal Learning by Experimentation Export

@article{citeulike:206163, abstract = {This paper considers a problem of optimal learning by experimentation by a single decision maker. Most of the analysis is concerned with the characterisation of limit beliefs and actions. We take a two-stage approach to this problem: first, understand the case where the agent's payoff function is deterministic; then, address the additional issues arising when noise is present. Our analysis indicates that local properties of the payoff function (such as smoothness) are crucial in determining whether the agent eventually attains the true maximum payoff or not. The paper also makes a limited attempt at characterising optimal experimentation strategies.}, author = {Aghion, Philippe and Bolton, Patrick and Harris, Christopher and Jullien, Bruno}, citeulike-article-id = {206163}, citeulike-linkout-0 = {http://www.jstor.org/stable/2297825}, journal = {The Review of Economic Studies}, keywords = {empirical\_io}, number = {4}, pages = {621--654}, posted-at = {2005-05-20 20:09:50}, priority = {2}, title = {Optimal Learning by Experimentation}, url = {http://www.jstor.org/stable/2297825}, volume = {58}, year = {1991} }

TY - JOUR ID - citeulike:206163 L3 - citeulike-article-id:206163 N2 - This paper considers a problem of optimal learning by experimentation by a single decision maker. Most of the analysis is concerned with the characterisation of limit beliefs and actions. We take a two-stage approach to this problem: first, understand the case where the agent's payoff function is deterministic; then, address the additional issues arising when noise is present. Our analysis indicates that local properties of the payoff function (such as smoothness) are crucial in determining whether the agent eventually attains the true maximum payoff or not. The paper also makes a limited attempt at characterising optimal experimentation strategies. IS - 4 JF - The Review of Economic Studies EP - 654 TI - Optimal Learning by Experimentation VL - 58 SP - 621 KW - empirical_io AU - Aghion, Philippe AU - Bolton, Patrick AU - Harris, Christopher AU - Jullien, Bruno PY - 1991/// UR - http://www.jstor.org/stable/2297825 ER -