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A seller sets up an advertising policy so as to maximize a flow of discounted utility over time in a scenario characterized by two essential issues. First, the seller is ignorant from the outset of the prospective customers' willingness to buy and runs a Bayesian learning process in parallel to...
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Research on learning-by-doing has typically been restricted to cases where estimation and control can be treated separately. Recent work has provided convergence results for more general learning problems where experimentation is an important aspect of optimal control. However, the associated...
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experimental data is a challenging problem. Recently, it was shown theoretically that the application of optimal design theory in …
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