Two-Armed Restless Bandits with Imperfect Information: Stochastic Control and Indexability
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We present a two-armed bandit model of decision making under uncertainty where the expected return to investing in the "risky arm'' increases when choosing that arm and decreases when choosing the "safe'' arm. These dynamics are natural in applications such as human capital development, job search,
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美国国家经济研究局创建时间:
2013-05-01



