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Pack Light on the Move: Exploitation and Exploration in a Dynamic Environment

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Authors:
  • LiCalzi, Marco ;
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    Ca' Foscari University of Venice
  • Marchiori, Davide
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    Department of Marketing & Management, Faculty of Business and Social Sciences, SDU
Editor:
Leitner, Stephan, Wall, Friederike
DOI:
10.1007/978-3-319-00912-4_16
Abstract:
This paper revisits a recent study by Posen and Levinthal (Manag Sci 58:587–601, 2012) on the exploration/exploitation tradeoff for a multi-armed bandit problem, where the reward probabilities undergo random shocks. We show that their analysis suffers two shortcomings: it assumes that learning is based on stale evidence, and it overlooks the steady state. We let the learning rule endogenously discard stale evidence, and we perform the long run analyses. The comparative study demonstrates that some of their conclusions must be qualified.
ISBN:
9783319009124, 9783319009117
Type:
Book chapter
Language:
English
Published in:
Lecture Notes in Economics and Mathematical Systems: Agent-based Approaches To Economics and Social Systems, 2014, p. 205-216
Main Research Area:
Social science
Publication Status:
Published
Series:
Lecture Notes in Economics and Mathematical Systems
Review type:
Peer Review
Publisher:
Springer
Submission year:
2014
Scientific Level:
Scientific
ID:
2185983718

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