Title of article
Convergence in a sequential two stages decision making process
Author/Authors
-، - نويسنده Departament d'Economia i d'Historia Economica, Universitat Autonoma de Barcelona, 08193 Bellaterra, and Barcelona Graduate School of Mathematics (BGSMath), BARCELONA, Martinez-Legaz, J.-E. , -، - نويسنده Aix-Marseille University (Aix-Marseille School of Economics) CNRS & EHESS, Chateau Lafarge, route des Milles, 13290 Les Milles, France. Soubeyran, A.
Issue Information
دوماهنامه با شماره پیاپی 0 سال 2016
Pages
5
From page
25
To page
29
Abstract
-
Abstract
We analyze a sequential decision making process, in which at each stepthe decision is made in two stages. In the first stage a partially optimalaction is chosen, which allows the decision maker to learn how to improveit under the new environment. We show how inertia (cost of changing)may lead the process to converge to a routine where no further changesare made. We illustrate our scheme with some economic models.
Journal title
Bulletin of the Iranian Mathematical Society
Serial Year
2016
Journal title
Bulletin of the Iranian Mathematical Society
Record number
2396532
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