Efficient Monte Carlo decision tree solution in dynamic purchasing environments

@inproceedings{Buffett2003EfficientMC,
  title={Efficient Monte Carlo decision tree solution in dynamic purchasing environments},
  author={Scott Buffett and Bruce Spencer},
  booktitle={ICEC},
  year={2003}
}
This paper considers the problem of making decisions in a dynamic environment where one of possibly many bundles of items must be purchased and quotes for items open and close over time. Probability measures on item prices are used when exact prices are not yet known. We show that expected utility estimation can be improved by considering how future information can affect the purchasing agent's behaviour. An efficient Monte Carlo simulation method is presented that determines the expected… CONTINUE READING