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Regret-Minimizing Project Choice | | Yingni Guo
; Eran Shmaya
; | | Date: |
1 Sep 2023 | | Abstract: | An agent observes the set of available projects and proposes some, but not
necessarily all, of them. A principal chooses one or none from the proposed
set. We solve for a mechanism that minimizes the principal’s worst-case regret.
We compare the single-project environment in which the agent can propose only
one project with the multiproject environment in which he can propose many. In
both environments, if the agent proposes one project, it is chosen for sure if
the principal’s payoff is sufficiently high; otherwise, the probability that it
is chosen decreases in the agent’s payoff. In the multiproject environment, the
agent’s payoff from proposing multiple projects equals his maximal payoff from
proposing each project alone. The multiproject environment outperforms the
single-project one by providing better fallback options than rejection and by
delivering this payoff to the agent more efficiently. | | Source: | arXiv, 2309.00214 | | Services: | Forum | Review | PDF | Favorites | |
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