We present an analysis of actor/critic algorithms, in which the actor updates its policy using eligibility traces of the policy parameters. Most of the theoretical results for eligibility traces have been for only critic's value iteration algorithms. This paper investigates what the actor's eligibility trace does. The results show that the algorithm is an extension of Williams' REINFORCE algori...

W a firm allows the return of previously purchased merchandise, it provides customers with an option that has measurable value. Whereas the option to return merchandise leads to an increase in gross revenue, it also creates additional costs. Selecting an optimal return policy requires balancing both demand and cost implications. In this paper, we develop a structural model of a consumer’s decis...

BACKGROUND A growing number of hospitals have begun to implement policies allowing for family presence during resuscitation (FPDR). However, the overall safety of these policies and their effect on resuscitation care is unknown. METHODS AND RESULTS We conducted an observational cohort study of 252 hospitals in the United States with 41,568 adults with cardiac arrest. Multivariable hierarchica...

The goal of this paper is to illustrate the potential usefulness of econometrics as a tool to assist private policy makers. We provide a case study and detailed econometric analysis of the automobile replacement policy adopted by a large car rental company. Unlike public policy making — where the benefits from using econometric models and “science-based” approaches to policy making are hard to ...