Why Imitate , and if so , How ? A Bounded Rational Approach to Multi-Armed Bandits 1

@inproceedings{Schlag1996WhyI,
  title={Why Imitate , and if so , How ? A Bounded Rational Approach to Multi-Armed Bandits 1},
  author={Karl H. Schlag},
  year={1996}
}
We consider the situation in which individuals in a ̄nite population must repeatedly choose an action yielding an uncertain payo®. Between choices, each individual may observe the performance of one other individual. We search for rules of behavior with limited memory that increase expected payo®s for any underlying payo® distribution. It is shown that the rule that outperforms all other rules with this property is the one that speci ̄es imitation of the action of an individual that performed… CONTINUE READING
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