Branching bandits: a sequential search process with correlated pay-offs

• 成果类型: Article; Proceedings Paper
• 署名作者: Keller, G; Oldale, A
• 署名单位: University of Oxford
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00092-9
• 发表日期: 2003
• 页码: 302-315
• 关键词: bandit problems; Gittins index; sequential search

摘要

This paper presents a model of a sequential search process for the best outcome of many multi-stage projects. The branching structure of the search environment is such that the payoffs to various actions are correlated; nevertheless, it is shown that the optimal strategy is given by a simple reservation price rule. (C) 2003 Published by Elsevier Science (USA).