Strategic Experimentation with Exponential Bandits.
We analyze a game of strategic experimentation with two-armed bandits whose risky arm might yield payoffs after exponentially distributed random times. Free-riding causes an inefficiently low level of experimentation in any equilibrium where the players use stationary Markovian strategies with belie...
| Main Authors: | , , |
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| Format: | Journal article |
| Language: | English |
| Published: |
2005
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