Optimal control of a linear process with unknown parameters is considered when the horizon is infinite and rewards are discounted. Active learning strategies are considered, i.e., agents consider the information value of possible actions, as well as current reward. Distributional assumptions are...

This paper investigates belief learning. Unlike other investigators who have been forced to use observable proxies to approximate unobserved beliefs, we have, using a belief elicitation procedure (proper scoring rule), elicited subject beliefs directly. As a result we were able to perform a more...

It is commonly thought that a picture is worth a thousand words. If that is so, one might ask how much data is a piece of advice worth. In other words, if advice is important than we should be able to measure it in two ways: How much data would a rational decision maker be willing to give up in...