Dechert, W. Davis; O'Donnell, Sharon I.; Brock, William A. - Society for Computational Economics - SCE - 2006
and its watershed. We adapted the method of optimal control with Bayes' learning of Easley and Kiefer (Econometrica 1988 … learning, i.e., there is no bandit problem in this context. We numerically solve the model and use Monte Carlo methods to solve … for the mean time to learn and to determine the sensitivity of the speed of learning with respect to changes in the …