Choosing a consultant in a dynamic investment problem

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Bibliographic Details
Main Authors:	Cornfeld, Yuval, Lehrer, Ehud, Solan, Eilon
Format:	Preprint
Published:	2024
Subjects:	Information Theory
Online Access:	Acceder al recurso
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author	Cornfeld, Yuval Lehrer, Ehud Solan, Eilon
author_facet	Cornfeld, Yuval Lehrer, Ehud Solan, Eilon
contents	Consider a dynamic decision-making scenario where at every stage the investor has to choose between investing in one of two projects or gathering more information. At each stage, the investor may seek counsel from one of several consultants, who, for a fixed cost, provide partial information about the realized state. We explore the optimal strategy and its dependence on the belief and the consultation cost. Our analysis reveals that if one of the consultants discloses the state with a nonzero probability, this consultant will be used in any optimal strategy, provided the consultation cost is sufficiently small.
format	Preprint
id	arxiv_https___arxiv_org_abs_2404_19507
institution	arXiv
publishDate	2024
record_format	arxiv
spellingShingle	Choosing a consultant in a dynamic investment problem Cornfeld, Yuval Lehrer, Ehud Solan, Eilon Information Theory Consider a dynamic decision-making scenario where at every stage the investor has to choose between investing in one of two projects or gathering more information. At each stage, the investor may seek counsel from one of several consultants, who, for a fixed cost, provide partial information about the realized state. We explore the optimal strategy and its dependence on the belief and the consultation cost. Our analysis reveals that if one of the consultants discloses the state with a nonzero probability, this consultant will be used in any optimal strategy, provided the consultation cost is sufficiently small.
title	Choosing a consultant in a dynamic investment problem
topic	Information Theory
url	https://arxiv.org/abs/2404.19507

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