Abstract:Abstract-Modern applications of the theory of Markov Decision Processes (MDPs) often require frequent decision making, that is, taking an action every microsecond, second, or minute. Infinite horizon discount reward formulation is still relevant for a large portion of these applications, because actual time span of these problems can be months or years, during which discounting factors due to e.g. interest rates are of practical concern. In this paper, we show that, for such MDPs with discount rate α close to … Show more
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