Minimizing Regret in Dynamic Decision Problems
نویسندگان
چکیده
The menu-dependent nature of regret-minimization creates subtleties in applying regret-minimization to dynamic decision problems. Firstly, it is not clear whether forgone opportunities should be included in the menu. We explain commonly observed behavioral patterns as minimizing regret when forgone opportunities are present, and also show how the treatment of forgone opportunities affects behavior in the classical secretary problem. Secondly, dealing with the dynamic inconsistency of non-Bayesian preferences requires techniques such as sophistication to be used in planning. Sophistication leads to even more options for the menu. We investigate different approaches to defining the menu, and the implications of each approach. Finally, we provide conditions under which dynamic consistency is guaranteed for a regret-minimizer.
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