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- W1520697535 abstract "This paper studies optimal experimentation by a monopolist who faces an unknown demand curve subject to random changes, and who maximises profits over an infinite horizon in continuous time. We show that there are two qualitatively very different regimes, determined by the discount rate and the intensities of demand curve switching, and the dependence of the optimal policy on these parameters is discontinuous. One regime is characterised by extreme experimentation and good tracking of the prevailing demand curve, the other by moderate experimentation and poor tracking. Moreover, in the latter regime the agent eventually becomes `trapped' into taking actions in a strict subset of the feasible set." @default.
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- W1520697535 date "1998-01-20" @default.
- W1520697535 modified "2023-09-27" @default.
- W1520697535 title "Optimal Experimentation in a Changing Environment" @default.
- W1520697535 hasPublicationYear "1998" @default.
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