The value of (bounded) memory in a changing world

被引：4
|
作者：
Monte, Daniel [1 ]
Said, Maher [2 ]
机构：
[1] FGV, Sao Paulo Sch Econom, Sao Paulo, Brazil
[2] Washington Univ, Olin Business Sch, St Louis, MO 63130 USA
来源：
ECONOMIC THEORY | 2014年 / 56卷 / 01期
关键词：
Bounded memory; Dynamic decision making; Partially observable Markov decision process; RATIONALITY; COMPLEXITY;
D O I：
10.1007/s00199-013-0771-1
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：59 / 82
页数：24
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