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Probability Reweighting in Social Learning: Optimality and Suboptimality

Abstract: 

This work explores sequential Bayesian binary hypothesis testing in the social learning setup under expertise diversity. We consider a two-agent (say advisor-learner) sequential binary hypothesis test where the learner infers the hypothesis based on the decision of the advisor, a prior private signal, and individual belief. In addition, the agents have varying expertise, in terms of the noise variance in the private signal.

Under such a setting, we first investigate the behavior of optimal agent beliefs and observe that the nature of optimal agents could be inverted depending on expertise levels. We also discuss suboptimality of the Prelec reweighting function under diverse expertise. Next, we consider an advisor selection problem wherein the belief of the learner is fixed and the advisor is to be chosen for a given prior. We characterize the decision region for choosing such an advisor and argue that a learner with beliefs varying from the true prior often ends up selecting a suboptimal advisor.

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Paper Details

Authors:
Ravi Kiran Raman
Submitted On:
14 April 2018 - 12:41am
Short Link:
Type:
Presentation Slides
Event:
Presenter's Name:
Daewon Seo
Paper Code:
SS-L15
Document Year:
2018
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Document Files

ICASSP2018_Daewon_Seo_v2.pdf

(22 downloads)

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[1] Ravi Kiran Raman, "Probability Reweighting in Social Learning: Optimality and Suboptimality", IEEE SigPort, 2018. [Online]. Available: http://sigport.org/2794. Accessed: May. 26, 2018.
@article{2794-18,
url = {http://sigport.org/2794},
author = {Ravi Kiran Raman },
publisher = {IEEE SigPort},
title = {Probability Reweighting in Social Learning: Optimality and Suboptimality},
year = {2018} }
TY - EJOUR
T1 - Probability Reweighting in Social Learning: Optimality and Suboptimality
AU - Ravi Kiran Raman
PY - 2018
PB - IEEE SigPort
UR - http://sigport.org/2794
ER -
Ravi Kiran Raman. (2018). Probability Reweighting in Social Learning: Optimality and Suboptimality. IEEE SigPort. http://sigport.org/2794
Ravi Kiran Raman, 2018. Probability Reweighting in Social Learning: Optimality and Suboptimality. Available at: http://sigport.org/2794.
Ravi Kiran Raman. (2018). "Probability Reweighting in Social Learning: Optimality and Suboptimality." Web.
1. Ravi Kiran Raman. Probability Reweighting in Social Learning: Optimality and Suboptimality [Internet]. IEEE SigPort; 2018. Available from : http://sigport.org/2794