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| Author: | Hutchinson, J. Meyer, R. |
| Title: | Dynamic decision making: optimal policies and actual behavior in sequential choice problems |
| Journal: | Marketing Letters
1994 : OCT, VOL. 5:4, p. 369-382 |
| Index terms: | DECISION MAKING DYNAMIC PROGRAMMING RESEARCH |
| Language: | eng |
| Abstract: | This paper reviews recent research on normative and descriptive models of sequential choice. In particular, the basic results of dynamic decision theory , including Ballman's principle of optimality, are briefly described. The authors consider the descriptive validity of three assumptions that are frequently made in applications of dynamic programming models: forward planning, optimal learning, and stationarity. Finally, they suggest four fundamental elements for a positive theory of dynamic decision making. |
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