Dr. Ilya Ryzhov (Decision, Operations, and Information Technologies Department at the Robert H. Smith School of Business, University of Maryland): Optimal learning for decision-making under uncertainty
Please join us for his talk next Monday, Dec 10th,at 3:30 PM in BPS 1140B.
ABSTRACT: We make many decisions without the benefit of complete information about our environment. Uncertainty arises in numerous application areas in business, science, and various branches of engineering. The field of optimal learning studies formal mathematical models in which information collection occurs as a result of decision-making; in these models, our goal is to quantify the tradeoff between the immediate economic benefit of a decision (revenue, media coverage, service quality etc.) and the long-term benefits derived from the information that was learned in the process. We explain how optimal learning uses a confluence of tools from statistics, probability, and optimization to develop practical decision support tools that integrate learning into the decision-making process.