Optimal choice for finite and infinite horizons

Optimal choice for finite and infinite horizons

0.00 Avg rating0 Votes
Article ID: iaor20127744
Volume: 40
Issue: 6
Start Page Number: 469
End Page Number: 474
Publication Date: Nov 2012
Journal: Operations Research Letters
Authors: , ,
Keywords: programming: markov decision
Abstract:

This paper lays down conceptual groundwork for optimal choice in infinite‐horizon finite‐state Markov decision problems. We distinguish two notions of a strategy being favored on the limit of horizons, and examine the properties of the emerging binary relations. After delimiting two senses of optimality, we analyze the relationship between the resulting sets of optimal strategies–including the Ramsey‐Weizsäcker overtaking criterion–and their existence properties. We also relate to the pointwise limits of strategies of Fudenberg and Levine.

Reviews

Required fields are marked *. Your email address will not be published.