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are illustrated numerically for a variety of utility functions commonly used in decision theory … decision maker in the simplest non-trivial theoretical scenario, where the decision maker is allowed to acquire only two pieces … decision maker when choosing which piece of information to acquire. We show that the decision of how to optimally allocate the …
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The paper develops a version of Pontryagin's maximum principle for optimal control problems with monotonicity constraints on control variables. Whereas the literature handles such constraints by imposing an assumption of piecewise smoothness on the control variable and treating the slope of this...
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