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CATEGORIES:Optimization and Incentives Seminar
SUMMARY:A More General Pandora Rule? - Richard Weber (Univ
ersity of Cambridge)
DTSTART;TZID=Europe/London:20140211T140000
DTEND;TZID=Europe/London:20140211T150000
UID:TALK49575AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/49575
DESCRIPTION:In a problem described by the economist Martin Wei
tzman in 1979 an agent is presented with boxes con
taining prizes. She may open boxes in any order\,
discovering prizes within\, and optimally stop. Sh
e wishes to maximize the expected value of the gre
atest prize found\, minus costs of opening boxes.
The problem has an attractive solution by means of
a so-called Pandora rule\, and has applications t
o searching for a house or job. However\, it does
not address the problem of a student who searches
for the subject to choose as her major and benefi
ts from the courses she takes while searching.\n \
nSo motivated\, we ask whether there are any probl
ems for which a Pandora rule is optimal when the u
tility is a more general function of all the disco
vered prizes. We explain how the Gittin index theo
rem can be used to solve one version of the studen
t's problem. This is not the full story\, since we
can also describe some problems which are not of
multi-armed bandit type and yet for which a Pandor
a rule is optimal. (Joint work with Wojciech Ols
zewski\, Dept Economics\, Northwestern University.
)
LOCATION:MR15\, Centre for Mathematical Sciences\, Wilberfo
rce Road\, Cambridge
CONTACT:Felix Fischer
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