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Abstract

This paper explores the value of memory in decision making in dynamic environments. We examine the decision problem faced by an agent with bounded memory who receives a sequence of signals from a partially observable Markov decision process. We characterize environments in which the optimal memory consists of only two states. In addition, we show that the marginal value of additional memory states need not be positive, and may even be negative in the absence of free disposal.



Item Type: MPRA Paper -

Original Title: The Value of Bounded Memory in a Changing World-

Language: English-

Keywords: Bounded memory, Dynamic decision making, Partially observable Markov decision process.-

Subjects: C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C61 - Optimization Techniques ; Programming Models ; Dynamic AnalysisD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and UncertaintyD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness-





Autor: Monte, Daniel

Fuente: https://mpra.ub.uni-muenchen.de/47595/







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