Active learning with a misspecified prior
We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown fu...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Fudenberg, Drew - 1957- [verfasserIn] Romanyuk, Gleb [verfasserIn] Strack, Philipp [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
September 2017 |
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| Übergeordnetes Werk: |
Enthalten in: Theoretical economics - Toronto : [Verlag nicht ermittelbar], 2006, 12(2017), 3 vom: Sept., Seite 1155-1189 |
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| Übergeordnetes Werk: |
volume:12 ; year:2017 ; number:3 ; month:09 ; pages:1155-1189 |
| Links: |
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| DOI / URN: |
10.3982/TE2480 |
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| Katalog-ID: |
1003427790 |
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| 520 | |a We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. | ||
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10.3982/TE2480 doi 10419/197130 hdl (DE-627)1003427790 (DE-599)GBV1003427790 DE-627 ger DE-627 rda eng D83 D90 jelc Fudenberg, Drew 1957- verfasserin (DE-588)170071790 (DE-627)060094486 (DE-576)130984159 aut Active learning with a misspecified prior Drew Fudenberg, Gleb Romanyuk, Philipp Strack September 2017 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. Romanyuk, Gleb verfasserin aut Strack, Philipp verfasserin (DE-588)1037165667 (DE-627)752374117 (DE-576)391165801 aut Enthalten in Theoretical economics Toronto : [Verlag nicht ermittelbar], 2006 12(2017), 3 vom: Sept., Seite 1155-1189 Online-Ressource (DE-627)507184807 (DE-600)2220447-7 (DE-576)28129948X 1555-7561 nnns volume:12 year:2017 number:3 month:09 pages:1155-1189 http://dx.doi.org/10.3982/TE2480 Resolving-System kostenfrei Volltext http://onlinelibrary.wiley.com/doi/10.3982/TE2480/epdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/197130 Resolving-System kostenfrei https://creativecommons.org/licenses/by-nc/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_171 GBV_ILN_184 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 12 2017 3 9 1155-1189 26 01 0206 1721898832 x1k 09-11-17 26 00 DE-206 56 Active learning 26 00 DE-206 56 learning in games 26 00 DE-206 56 misspecified models |
| spelling |
10.3982/TE2480 doi 10419/197130 hdl (DE-627)1003427790 (DE-599)GBV1003427790 DE-627 ger DE-627 rda eng D83 D90 jelc Fudenberg, Drew 1957- verfasserin (DE-588)170071790 (DE-627)060094486 (DE-576)130984159 aut Active learning with a misspecified prior Drew Fudenberg, Gleb Romanyuk, Philipp Strack September 2017 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. Romanyuk, Gleb verfasserin aut Strack, Philipp verfasserin (DE-588)1037165667 (DE-627)752374117 (DE-576)391165801 aut Enthalten in Theoretical economics Toronto : [Verlag nicht ermittelbar], 2006 12(2017), 3 vom: Sept., Seite 1155-1189 Online-Ressource (DE-627)507184807 (DE-600)2220447-7 (DE-576)28129948X 1555-7561 nnns volume:12 year:2017 number:3 month:09 pages:1155-1189 http://dx.doi.org/10.3982/TE2480 Resolving-System kostenfrei Volltext http://onlinelibrary.wiley.com/doi/10.3982/TE2480/epdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/197130 Resolving-System kostenfrei https://creativecommons.org/licenses/by-nc/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_171 GBV_ILN_184 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 12 2017 3 9 1155-1189 26 01 0206 1721898832 x1k 09-11-17 26 00 DE-206 56 Active learning 26 00 DE-206 56 learning in games 26 00 DE-206 56 misspecified models |
| allfields_unstemmed |
10.3982/TE2480 doi 10419/197130 hdl (DE-627)1003427790 (DE-599)GBV1003427790 DE-627 ger DE-627 rda eng D83 D90 jelc Fudenberg, Drew 1957- verfasserin (DE-588)170071790 (DE-627)060094486 (DE-576)130984159 aut Active learning with a misspecified prior Drew Fudenberg, Gleb Romanyuk, Philipp Strack September 2017 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. Romanyuk, Gleb verfasserin aut Strack, Philipp verfasserin (DE-588)1037165667 (DE-627)752374117 (DE-576)391165801 aut Enthalten in Theoretical economics Toronto : [Verlag nicht ermittelbar], 2006 12(2017), 3 vom: Sept., Seite 1155-1189 Online-Ressource (DE-627)507184807 (DE-600)2220447-7 (DE-576)28129948X 1555-7561 nnns volume:12 year:2017 number:3 month:09 pages:1155-1189 http://dx.doi.org/10.3982/TE2480 Resolving-System kostenfrei Volltext http://onlinelibrary.wiley.com/doi/10.3982/TE2480/epdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/197130 Resolving-System kostenfrei https://creativecommons.org/licenses/by-nc/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_171 GBV_ILN_184 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 12 2017 3 9 1155-1189 26 01 0206 1721898832 x1k 09-11-17 26 00 DE-206 56 Active learning 26 00 DE-206 56 learning in games 26 00 DE-206 56 misspecified models |
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10.3982/TE2480 doi 10419/197130 hdl (DE-627)1003427790 (DE-599)GBV1003427790 DE-627 ger DE-627 rda eng D83 D90 jelc Fudenberg, Drew 1957- verfasserin (DE-588)170071790 (DE-627)060094486 (DE-576)130984159 aut Active learning with a misspecified prior Drew Fudenberg, Gleb Romanyuk, Philipp Strack September 2017 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. Romanyuk, Gleb verfasserin aut Strack, Philipp verfasserin (DE-588)1037165667 (DE-627)752374117 (DE-576)391165801 aut Enthalten in Theoretical economics Toronto : [Verlag nicht ermittelbar], 2006 12(2017), 3 vom: Sept., Seite 1155-1189 Online-Ressource (DE-627)507184807 (DE-600)2220447-7 (DE-576)28129948X 1555-7561 nnns volume:12 year:2017 number:3 month:09 pages:1155-1189 http://dx.doi.org/10.3982/TE2480 Resolving-System kostenfrei Volltext http://onlinelibrary.wiley.com/doi/10.3982/TE2480/epdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/197130 Resolving-System kostenfrei https://creativecommons.org/licenses/by-nc/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_171 GBV_ILN_184 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 12 2017 3 9 1155-1189 26 01 0206 1721898832 x1k 09-11-17 26 00 DE-206 56 Active learning 26 00 DE-206 56 learning in games 26 00 DE-206 56 misspecified models |
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We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. |
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We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. |
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We study learning and information acquisition by a Bayesian agent whose prior belief is misspecified in the sense that it assigns probability 0 to the true state of the world. At each instant, the agent takes an action and observes the corresponding payoff, which is the sum of a fixed but unknown function of the action and an additive error term. We provide a complete characterization of asymptotic actions and beliefs when the agent's subjective state space is a doubleton. A simple example with three actions shows that in a misspecified environment a myopic agent's beliefs converge while a sufficiently patient agent's beliefs do not. This illustrates a novel interaction between misspecification and the agent's subjective discount rate. |
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