Abstract
This paper lays down conceptual groundwork for optimal choice in infinite-horizon finite-state Markov decision problems. We distinguish two notions of a strategy being favored on the limit of horizons, and examine the properties of the emerging binary relations. After delimiting two senses of optimality, we analyze the relationship between the resulting sets of optimal strategies - including the Ramsey-Weizsacker overtaking criterion - and their existence properties. We also relate to the pointwise limits of strategies of Fudenberg and Levine [3].
Original language | English |
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Pages (from-to) | 469-474 |
Number of pages | 6 |
Journal | Operations Research Letters |
Volume | 40 |
Issue number | 6 |
DOIs | |
Publication status | Published - Nov 2012 |
Keywords
- Optimality
- Markov decision problem
- Overtaking criterion
- OVERTAKING CRITERION