Non-probabilistic decision making with memory constraints

Alexander Vostroknutov

Economics Letters, 2012, vol. 117, issue 1, 303-305

Abstract: The single decision maker chooses one of the actions repeatedly. She chooses the action with the highest weighted average of the past payoffs. In the long run either the action with highest expected payoff or the action with highest minimal payoff is chosen depending on how weights evolve.

Keywords: Adaptive learning; Constrained memory; Bandit problems (search for similar items in EconPapers)
JEL-codes: C02 D81 D83 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:117:y:2012:i:1:p:303-305

DOI: 10.1016/j.econlet.2012.06.004

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