Forand, Jean Guillaume - In: Journal of Economic Dynamics and Control 53 (2015) C, pp. 47-68
In standard models of experimentation, the costs of project development consist of (a) the direct cost of running … experimentation cost, the cost of holding on to the option of developing a currently inactive project, has not been studied. In a … multi-armed bandit model of experimentation in which inactive projects have explicit maintenance costs and can be …