Abstract:In a previous paper Amman et al. (Macroecon Dyn, 2018) compare the two dominant approaches for solving models with optimal experimentation (also called active learning), i.e. the value function and the approximation method. By using the same model and dataset as in Beck and Wieland (J Econ Dyn Control 26:1359-1377, 2002), they find that the approximation method produces solutions close to those generated by the value function approach and identify some elements of the model specifications which affect the diff… Show more
Set email alert for when this publication receives citations?
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.