Bayesian Exploration: Incentivizing Exploration in Bayesian Games

24 Feb 2016Yishay MansourAleksandrs SlivkinsVasilis SyrgkanisZhiwei Steven Wu

We consider a ubiquitous scenario in the Internet economy when individual decision-makers (henceforth, agents) both produce and consume information as they make strategic choices in an uncertain environment. This creates a three-way tradeoff between exploration (trying out insufficiently explored alternatives to help others in the future), exploitation (making optimal decisions given the information discovered by other agents), and incentives of the agents (who are myopically interested in exploitation, while preferring the others to explore)... (read more)

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