A perpetual search for talents across overlapping generations: A learning process

Maxime Agbo

Mathematical Social Sciences, 2015, vol. 76, issue C, 131-145

Abstract: We consider a class of multi-armed bandit problems which is at the same time an arm-acquiring, restless and mortal bandit, and where the rewards follow any distribution. This is the case for a committee whose mission is to select the best element of a set of talents who live for K periods, and who have different seniorities. In each period, new young talents enter the set. We find that if K is infinite the problem is indexable. However, the index we find is different from that of Gittins, and is easier to be implemented. If K is finite the problem is not indexable. In that case, we solve partially the problem. Under some condition, we develop a criterion to compare two talents. We also find that the solution we propose is still optimal in case of multiple plays.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:76:y:2015:i:c:p:131-145

DOI: 10.1016/j.mathsocsci.2015.05.002

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