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Monday, July 27, 2020 | History

3 edition of Flexibility and adjustment to information in sequential decision problems found in the catalog.

Flexibility and adjustment to information in sequential decision problems

Armin Schmutzler

Flexibility and adjustment to information in sequential decision problems

a systematic approach

by Armin Schmutzler

  • 110 Want to read
  • 11 Currently reading

Published by Springer-Verlag in Berlin, New York .
Written in English

    Subjects:
  • Decision making -- Mathematical models.

  • Edition Notes

    Includes bibliographical references (p. [191]-198).

    StatementArmin Schmutzler.
    SeriesLecture notes in economics and mathematical systems ;, 371
    Classifications
    LC ClassificationsHD30.23 .S356 1991
    The Physical Object
    Paginationviii, 198 p. :
    Number of Pages198
    ID Numbers
    Open LibraryOL1769552M
    ISBN 103540546456, 0387546456
    LC Control Number92121592

    This paper formalizes the notion of flexibility in sequential decision making and investigates conditions under which the use of flexibility as an additional criterion may be justified. The correlations between flexibility and value, and flexibility and risk, are studied under Cited by: The usefulness of calculating the value of information under various assumptions concerning decision flexibility is illustrated with a simple economic example. An upper limit to the value of information given some level of flexibility is the expected value of perfect Cited by:

    training techniques for sequential decision problems by clifford l. kotnik b.s., indiana university, a thesis submitted to the faculty of the graduate faculty of the university of colorado at colorado springs in partial fulfillment of the requirements for the degree of master of . A sequential decision rule 6 for the problem considered here (hereafter called the k-decision problem) can be identi- fied with itvs sample size function n: t 7 t 0,1,2, OOo 3 and a terminal decision function a:' 7 +-x, where % is a space of vectors X=(x 12, x, , xk) satisfying the conditions and.

    Computational Models of Decision Making is the result of initial anchoring and adjustment differences (Sequential Value Matching model; Johnson & Busemeyer, ). decision problems are. Markov decision process. If the state space is not too large, we could use value iteration (iterate the Bellman optimality equations), or solve the corresponding linear program. Chen and Katehakis () showed that this can be extended to include the optimization of the value α as part of the LP. Another approach, due to Varaiya, Walrand and File Size: 70KB.


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Flexibility and adjustment to information in sequential decision problems by Armin Schmutzler Download PDF EPUB FB2

Flexibility and Adjustment to Information in Sequential Decision Problems A Systematic Approach 2 The Determinants of the Flexibility of Manufacturing Systems 25 1.

3 Manufacturing as a Multiperiod Choice Problem 28 1. 3 Conclusions 30 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts 33 2. 1 The. 2 The Determinants of the Flexibility of Manufacturing Systems 25 1.

3 Manufacturing as a Multiperiod Choice Problem 28 1. 3 Conclusions 30 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts 33 2. 1 The Two-Period Model without Uncertainty 33 : Springer-Verlag Berlin Heidelberg.

Get this from a library. Flexibility and Adjustment to Information in Sequential Decision Problems: a Systematic Approach. [Armin Schmutzler] -- This book provides a systematic approach to sequential decision problems from the vantage point of economic theory. The emphasis is on the interplay between irreversibility, uncertainty and.

Flexibility and Adjustment to Information in Sequential Decision Problems. A Systematic Approach [Armin Schmutzler] on *FREE* shipping on qualifying offers. Get this from a library. Flexibility and adjustment to information in sequential decision problems: a systematic approach.

[Armin Schmutzler]. Schmutzler A. () Determinants of the Optimal Choice in Sequential Decision Problems — The Two-Period Case. In: Flexibility and Adjustment to Information in Sequential Decision Problems.

Lecture Notes in Economics and Mathematical Systems, vol Author: Armin Schmutzler. The issue of flexibility in sequential decision making arises when a decision maker has to choose between an irreversible position and one that is amendable in the future.

Intuitively, a reversible, or flexible, position is preferred when the decision maker is uncertain about the future and/or expects to learn more about it with the passage of. Sequential decision problems in known, accessible, deterministic domains tools— search algorithms outcome— sequence of actions that leads to good state Sequential decision problems in uncertain domains tools— techniques originating from control theory, operations research, and decision analysis outcome— policyFile Size: KB.

Follow Armin Schmutzler and explore their bibliography from 's Armin Schmutzler Author Page. In artificial intelligence, sequential decision making refers to algorithms that take the dynamics [clarification needed] of the world into consideration, thus delay parts of the problem until it must be solved [clarification needed].It can be described as a procedural approach to decision-making, or as a step by step decision tial decision making has as a consequence the.

Other articles where Sequential decision making is discussed: statistics: Decision analysis: can be extremely helpful in sequential decision-making situations—that is, situations in which a decision is made, an event occurs, another decision is made, another event occurs, and so on.

For instance, a company trying to decide whether or not to market a new product might first decide to test. This work, adopting an economic theoretical stance, offers a systematic approach to sequential decision problems.

The emphasis of the book is on the interplay between irreversibility, uncertainty and information. In particular, it demonstrates how flexibility considerations can be modelled in a general choice-theoretical framework. Sequential decision problems: MDPs Introduction. The previous chapter introduced agent models for solving simple, one-shot decision problems.

The next few sections introduce sequential problems, where an agent’s choice of action now depends on the actions they will choose in the future.

As in game theory, the decision maker must coordinate with another rational agent. Sequential decision problems, dependently typed solutions Nicola Botta 1, Cezar Ionescu, and Edwin Brady2 1 Potsdam Institute for Climate Impact Research, Telegrafenberg A31, Potsdam, Germany fbotta,[email protected] 2 University of St Andrews, KY16 9SX, Cited by: 4.

Exploration-exploitation A central challenge in decision making is the explore-exploit dilemma: the need to trade exploration (i.e., collecting information) and exploitation (i.e., making decisions identified as effective in the past).For example, in recommender systems, one seeks to iteratively recommend items from a large set to a given customer, aiming to maximize the cumulative relevance.

Sequential decision processes and problems In a nutshell, a sequential decision process is a process in which a decision maker is required to take a nite number of decision steps, one after the other.

The process starts in a state x 0 at an initial step number t 0. Here x 0 represents all information available to the decision maker at t 0 File Size: KB. This dissertation studies several Markovian problems of optimal sequential decisions (a.k.a. Markov Decision Problems) in which a decision-maker faces uncertain outcomes and needs to make decisions throughout a discrete time horizon with nitely- or in nitely-many decision : Alessandro Arlotto.

The present paper focuses on this aspect of sequential decision problems. We consider a model with binary actions, aand b, which are optimal in states Aand B, respectively.

The state is initially unknown, and the DM has a prior belief p 0 2(0;1) about the probability that the state is A.

In continuous time, the DM may decide to acquire File Size: KB. Sequential Decisions A Basic Theorem of (Bayesian) Expected Utility Theory: If you can postpone a terminal decision in order to observe, cost free, an experiment whose outcome might change your terminal decision, then it is strictly better to postpone the terminal decision in File Size: KB.

Introduction In previous sections we showed that counting of the remaining alternatives can be an ap- M.

Mandelbaum, J. Buzacott / Flexibility and decision making 25 propriate measure of flexibility, but that the anal- ysis is dependent upon the information, that is the Cited by:. Flexibility and Uncertainty.

This paper formalizes the notion of flexibility in a sequential decision context, and relates its value to the amount of information an agent expects to receive.In short, the sequential decentralized detection problem is the communication-constrained extension of classical formulation of sequential centralized decision-making problems [see, e.g, 10, 6] to the decentralized setting.

In setting up a general framework of sequential decentralized problems, Veeravalli et al. [15] defined.Multi-armed bandit problems are the most basic examples of sequential decision problems with an exploration-exploitation trade-off.

This is the balance between staying with the option that gave highest payoffs in the past and exploring new options that might give higher payoffs in the future. Although the study of bandit problems dates back toFile Size: KB.