Minimizing regret in dynamic decision problems

DOI10.1007/978-3-319-20807-7_1zbMATH Open1378.91065arXiv1502.00152OpenAlexW2914456641MaRDI QIDQ2629329FDOQ2629329

Authors: Joseph Y. Halpern, Samantha Leung 

Publication date: 6 July 2016

Published in: Theory and Decision, Lecture Notes in Computer Science (Search for Journal in Brave)

Abstract: The menu-dependent nature of regret-minimization creates subtleties when it is applied to dynamic decision problems. Firstly, it is not clear whether emph{forgone opportunities} should be included in the emph{menu}, with respect to which regrets are computed, at different points of the decision problem. If forgone opportunities are included, however, we can characterize when a form of dynamic consistency is guaranteed. Secondly, more subtleties arise when sophistication is used to deal with dynamic inconsistency. In the full version of this paper, we examine, axiomatically and by common examples, the implications of different menu definitions for sophisticated, regret-minimizing agents.

Full work available at URL: https://arxiv.org/abs/1502.00152

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zbMATH Keywords

ambiguity aversionminimax regretdynamic inconsistency

Mathematics Subject Classification ID

Decision theory (91B06)

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Cited In (8)

• Minimizing regret in dynamic decision problems
• Title not available (Why is that?)
• Context dependence and consistency in dynamic choice under uncertainty: the case of anticipated regret
• Optimize, satisfice, or choose without deliberation? A simple minimax-regret assessment
• Market Exit and Minimax Regret
• Regret minimization, willingness-to-accept-losses and framing
• Regret-Optimal Estimation and Control
• Title not available (Why is that?)

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