Cripps, Martin; Keller, Godfrey; Rady, Sven - Volkswirtschaftliche Fakultät, … - 2003
This paper studies a game of strategic experimentation with two-armed bandits whose risky arm might yield a payoff only … experimentation in any equilibrium where the players use stationary Markovian strategies with posterior beliefs as the state variable … acquisition; the efficiency of these equilibria depends on the way players share the burden of experimentation among them. In …