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:<p><strong><span style="font-size: 11pt; font-family: 'Calibri','sans-serif
 ';">On the Optimal Sequencing of Experiments</span></strong><span style="fo
 nt-size: 11pt; font-family: 'Calibri','sans-serif';"> (joint with César Mar
 tinelli)</span></p><p style="margin-top: 0cm; margin-right: 0cm; margin-bot
 tom: 0.0001pt; text-align: justify;"><strong><span style="font-size: 11pt; 
 font-family: 'Calibri','sans-serif';">Abstract:</span></strong></p><p style
 ="margin-top: 0cm; margin-right: 0cm; margin-bottom: 0.0001pt; text-align: 
 justify;"><span><span style="font-size: 11pt; font-family: 'Calibri','sans-
 serif';">Consider a decision maker who has to choose one of several alterna
 tives, 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 and 
 take one of the alternatives, or to continue researching the alternatives. 
 New information is costly and is never conclusive. The focus is on the opti
 mal exploration sequence. We provide a dynamic programming formulation of t
 he decision maker’s problem with either a finite deadline or no deadline, a
 nd give necessary and sufficient conditions for research to take place for 
 some prior beliefs about the alternatives. We show that, at least for short
  deadlines, the decision maker either explores the best alternative and sto
 ps after good news, or explores the second best alternative and stops after
  bad news, with the former path being optimal if the decision maker is rela
 tively optimistic about the payoff of the alternatives.</span></span></p><p
 > </p>
DTSTAMP:20260406T174455Z
DTSTART:20180514T163000Z
DTEND:20180514T180000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR