A model of best choice under incomplete information

A model of best choice under incomplete information This paper suggests two approaches to the construction of a two-player game of best choice under incomplete information with the choice priority of one player and the equal weights of both players. We consider a sequence of independent identically distributed random variables (x i , y i ), i = 1..., n, which represent the quality of incoming objects. The first component is announced to the players and the second component is hidden. Each player chooses an object based on the information available. The winner is the player whose object has a greater sum of the quality components than the opponent’s object. We derive the optimal threshold strategies and compare them for both approaches. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Automation and Remote Control Springer Journals

A model of best choice under incomplete information

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Publisher
Pleiades Publishing
Copyright
Copyright © 2017 by Pleiades Publishing, Ltd.
Subject
Mathematics; Calculus of Variations and Optimal Control; Optimization; Systems Theory, Control; Control, Robotics, Mechatronics; Mechanical Engineering; Computer-Aided Engineering (CAD, CAE) and Design
ISSN
0005-1179
eISSN
1608-3032
D.O.I.
10.1134/S0005117917080112
Publisher site
See Article on Publisher Site

Abstract

This paper suggests two approaches to the construction of a two-player game of best choice under incomplete information with the choice priority of one player and the equal weights of both players. We consider a sequence of independent identically distributed random variables (x i , y i ), i = 1..., n, which represent the quality of incoming objects. The first component is announced to the players and the second component is hidden. Each player chooses an object based on the information available. The winner is the player whose object has a greater sum of the quality components than the opponent’s object. We derive the optimal threshold strategies and compare them for both approaches.

Journal

Automation and Remote ControlSpringer Journals

Published: Aug 19, 2017

References

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