On the convexity of the value function in Bayesian optimal control problems
type: Item
instance of: scholarly article
title: On the convexity of the value function in Bayesian optimal control problems
zbMATH Open document ID: 0821.90002
DOI: 10.1007/BF01221207
author: Yaw Nyarko
published in: Economic Theory
publication date: 1995-09-27T00:00:00Z
review text: The principal purpose of the paper is to give proofs accessible to economists of Blackwell's theorem from 1951. The author studies the convexity of the value function, Blackwell's theorem and relates this to the uniqueness of optimal policies. The strict convexity and the strict inequality in Blackwell's theorem hold if and only if from different priors, different optimal actions may be chosen.
reviewed by: A.Vaněček
Mathematics Subject Classification ID: 91B06
Mathematics Subject Classification ID: 93C95
zbMATH DE Number: 707347
zbMATH Keywords: Bayes' rule
zbMATH Keywords: Blackwell's theorem
zbMATH Keywords: convexity of the value function
zbMATH Keywords: uniqueness of optimal policies
MaRDI profile type: MaRDI publication profile
cites work: Q5560061
cites work: Q5807222
cites work: Q5336643
cites work: A Bayesian Approach to the Production of Information and Learning by Doing
cites work: Optimal Control of an Unknown Linear Process with Learning
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cites work: On the convergence of Bayesian posterior processes in linear economic models. Counting equations and unknowns
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full work available at URL: https://doi.org/10.1007/bf01221207
OpenAlex ID: W2093473387
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description: scientific article; zbMATH DE number 707347