The performance of forwards induction policies

A forwards induction policy is a type of greedy algorithm for Markov decision processes. It is straightforward to implement and is optimal for a large class of models, especially in stochastic resource allocation. In this paper we consider a model for the optimal allocation of resources in pre-clinical pharmaceutical research. We show that although they are not always strictly optimal, forwards induction policies perform well.

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The performance of forwards induction policies

Cited by 5 publications

References 17 publications

On a new approach to the analysis of complex multi-armed bandits

On a new approach to the analysis of complex multi-armed bandits

Stochastic scheduling and forwards induction

A forwards induction approach to candidate drug selection

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