Optimal Experimentation in a Changing Environment.
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. We show that there are two qualitatively very different regimes, determined by the discount rate and the inte...
| Główni autorzy: | , |
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| Format: | Journal article |
| Język: | English |
| Wydane: |
Blackwell Publishing
1999
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