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Bounded Rationality in Las Vegas: Probabilistic Finite Automata PlayMulti-Armed Bandits
Thursday Jul 30 2020 14:00 GMT
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Bounded Rationality in Las Vegas: Probabilistic Finite Automata PlayMulti-Armed Bandits
Why This Is Interesting

The main motivation for this study was to develop an understanding of human behavior. The researchers examine how reinforcement learning, specifically multi-arm bandit, can mimic a human-like behavior through probabilistic finite automaton (PFA). According to the performed experiments, one can then observe human bias behavior exhibited by the machine.

Discussion Points
  • what can be a business application of the method/findings?
  • where else we in economics or human decision tasks we can observe such setting?
Time of Recording: Thursday Jul 30 2020 14:00 GMT
slides: please to see content