Alex Gershkov
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780262028400
- eISBN:
- 9780262327732
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262028400.003.0005
- Subject:
- Economics and Finance, Financial Economics
In this chapter the authors derive conditions on the primitives of the learning environment - which encompasses both Bayesian and non-Bayesian processes - ensuring that an efficient allocation of ...
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In this chapter the authors derive conditions on the primitives of the learning environment - which encompasses both Bayesian and non-Bayesian processes - ensuring that an efficient allocation of resources is achievable in a dynamic allocation environment where impatient, privately informed agents arrive over time, and where the designer gradually learns about the distribution of agents' values. There are two main kind of conditions: 1) Higher observations should lead to more optimistic beliefs about the distribution of future values; 2) The allowed optimism associated with higher observations needs to be carefully bounded. The authors’ analysis reveals and exploits close, formal relations between the problem of ensuring monotone - and hence implementable - allocation rules in our dynamic allocation problems with incomplete information and learning, and between the classical problem of finding optimal search policies that are characterized by a reservation price property. Finally, the authors characterize the constrained efficient policy ("second-best") if the efficient policy is not implementable.Less
In this chapter the authors derive conditions on the primitives of the learning environment - which encompasses both Bayesian and non-Bayesian processes - ensuring that an efficient allocation of resources is achievable in a dynamic allocation environment where impatient, privately informed agents arrive over time, and where the designer gradually learns about the distribution of agents' values. There are two main kind of conditions: 1) Higher observations should lead to more optimistic beliefs about the distribution of future values; 2) The allowed optimism associated with higher observations needs to be carefully bounded. The authors’ analysis reveals and exploits close, formal relations between the problem of ensuring monotone - and hence implementable - allocation rules in our dynamic allocation problems with incomplete information and learning, and between the classical problem of finding optimal search policies that are characterized by a reservation price property. Finally, the authors characterize the constrained efficient policy ("second-best") if the efficient policy is not implementable.
Alex Gershkov
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9780262028400
- eISBN:
- 9780262327732
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262028400.003.0001
- Subject:
- Economics and Finance, Financial Economics
This chapter presents the main approach to dynamic allocation and pricing problems adopted in this book, and outlines the structure of the following, main chapters.
This chapter presents the main approach to dynamic allocation and pricing problems adopted in this book, and outlines the structure of the following, main chapters.
Michael Metcalf, John Reid, and Malcolm Cohen
- Published in print:
- 2018
- Published Online:
- October 2018
- ISBN:
- 9780198811893
- eISBN:
- 9780191850028
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198811893.003.0006
- Subject:
- Mathematics, Logic / Computer Science / Mathematical Philosophy
The means by which allocatable and pointer objects can be dynamically allocated and deallocated storage space are described. The transfer of allocated storage is also considered. The advantages and ...
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The means by which allocatable and pointer objects can be dynamically allocated and deallocated storage space are described. The transfer of allocated storage is also considered. The advantages and disadvantages of allocatable objects over pointer objects are explained.Less
The means by which allocatable and pointer objects can be dynamically allocated and deallocated storage space are described. The transfer of allocated storage is also considered. The advantages and disadvantages of allocatable objects over pointer objects are explained.
