Value of information in the Polya urn process (Q1857038)
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English | Value of information in the Polya urn process |
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Value of information in the Polya urn process (English)
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11 February 2003
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Several one-person games based on the Polya urn are considered. Typically the authors consider a decision problem, and a variant of this decision problem where the player has, in addition, some information available. The value of information is then defined as: the expected utility of optimally solving the decision problem with the information, minus the expected utility of optimally solving the decision problem without the information. The authors nicely compute several values. In several cases, additionnal information will not affect the betting strategy of the player.
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decision problem
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