search query: @author Gilboa, I. / total: 3
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| Author: | Gilboa, I. Schmeidler, D. |
| Title: | Case-based optimization |
| Journal: | Games and Economic Behavior
1996 : JUL, VOL. 15:1, p. 1-26 |
| Index terms: | GAMES FAMILY FIRMS OPTIMIZATION |
| Language: | eng |
| Abstract: | An aspiration level adjustment rule is "realistic" if the aspiration level is (almost always) set to be an average of its previous value and the best average performance so far encountered. It is "ambitious" if the aspiration level is set to exceed the maximal average performance by some constant infinitely often. The authors analyze a case-based decision maker with a realistic-but-ambitious aspiration level adjustment rule facing a multi-armed bandit repeatedly. Though unaware of the payoff distributions corresponding to the arms of the bandit, the decision maker will symptotically choose only expected-utility maximizing acts. |
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