BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:7398e75b60912cb2be624a6db42a7761
CATEGORIES:Seminars
CREATED:20180103T170627
SUMMARY:David Austen-Smith - Northwestern University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nOn the Optimal Sequencing of Experiments (joint with César Martinelli)\
 nAbstract:\nConsider a decision maker who has to choose one of several alte
 rnatives, and who is imperfectly informed about the payoff of each of them.
  At each moment in time, the decision maker has to decide whether to stop a
 nd take one of the alternatives, or to continue researching the alternative
 s. New information is costly and is never conclusive. The focus is on the o
 ptimal exploration sequence. We provide a dynamic programming formulation o
 f the decision maker’s problem with either a finite deadline or no deadline
 , and give necessary and sufficient conditions for research to take place f
 or some prior beliefs about the alternatives. We show that, at least for sh
 ort deadlines, the decision maker either explores the best alternative and 
 stops after good news, or explores the second best alternative and stops af
 ter bad news, with the former path being optimal if the decision maker is r
 elatively optimistic about the payoff of the alternatives.\n\n\n \n
DTSTAMP:20260406T002616Z
DTSTART:20180514T163000Z
DTEND:20180514T180000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR