haku: @indexterm Optimal control theory / yhteensä: 44
viite: 13 / 44
Tekijä: | Keller, G. Rady, S. |
Otsikko: | Optomal experimentation in a changing environment. |
Lehti: | Review of Economic Studies
1999 : JUL, VOL. 66:3, p. 475-507 |
Asiasana: | Optimal control theory Discount rate Bayesian statistics |
Kieli: | eng |
Tiivistelmä: | This paper studies optimal experimentation by a monopolist who faces an unknown demand curve subject to random changes, and who maximizes profits over an infinite horizon in continuous time. The authors show that there are two qualitatively very different regimes, determined by the discount rate and the intensities of demand curve switching, and the dependence of the optimal policy on these parameters is discontinuous. |
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