{"id":"https://openalex.org/W2118487768","doi":"https://doi.org/10.1287/opre.2015.1344","title":"Investment Timing with Incomplete Information and Multiple Means of Learning","display_name":"Investment Timing with Incomplete Information and Multiple Means of Learning","publication_year":2015,"publication_date":"2015-02-19","ids":{"openalex":"https://openalex.org/W2118487768","doi":"https://doi.org/10.1287/opre.2015.1344","mag":"2118487768"},"language":"en","primary_location":{"is_oa":false,"landing_page_url":"https://doi.org/10.1287/opre.2015.1344","pdf_url":null,"source":{"id":"https://openalex.org/S125775545","display_name":"Operations Research","issn_l":"0030-364X","issn":["0030-364X","1526-5463"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false},"type":"article","type_crossref":"journal-article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5031821299","display_name":"J. Michael Harrison","orcid":"https://orcid.org/0000-0002-3657-2639"},"institutions":[{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"J. Michael Harrison","raw_affiliation_strings":["Graduate School of Business, Stanford University, Stanford, California 94305"],"affiliations":[{"raw_affiliation_string":"Graduate School of Business, Stanford University, Stanford, California 94305","institution_ids":["https://openalex.org/I97018004"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5058524989","display_name":"Nur Sunar","orcid":"https://orcid.org/0000-0002-9306-1050"},"institutions":[{"id":"https://openalex.org/I114027177","display_name":"University of North Carolina at Chapel Hill","ror":"https://ror.org/0130frc33","country_code":"US","type":"education","lineage":["https://openalex.org/I114027177"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Nur Sunar","raw_affiliation_strings":["Kenan-Flagler Business School, University of North Carolina at Chapel Hill, Chapel Hill, North Carolina 27599"],"affiliations":[{"raw_affiliation_string":"Kenan-Flagler Business School, University of North Carolina at Chapel Hill, Chapel Hill, North Carolina 27599","institution_ids":["https://openalex.org/I114027177"]}]}],"institution_assertions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":5.369,"has_fulltext":false,"cited_by_count":67,"citation_normalized_percentile":{"value":0.961625,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":97,"max":98},"biblio":{"volume":"63","issue":"2","first_page":"442","last_page":"457"},"is_retracted":false,"is_paratext":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9993,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9993,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.9746,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11801","display_name":"Reservoir Engineering and Simulation Methods","score":0.9575,"subfield":{"id":"https://openalex.org/subfields/2212","display_name":"Ocean Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/q-learning","display_name":"Q-learning","score":0.6600307},{"id":"https://openalex.org/keywords/investment","display_name":"Investment","score":0.50286025},{"id":"https://openalex.org/keywords/mode","display_name":"Mode (computer interface)","score":0.49605092}],"concepts":[{"id":"https://openalex.org/C188116033","wikidata":"https://www.wikidata.org/wiki/Q2664563","display_name":"Q-learning","level":3,"score":0.6600307},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.6345809},{"id":"https://openalex.org/C2779530757","wikidata":"https://www.wikidata.org/wiki/Q1207505","display_name":"Quality (philosophy)","level":2,"score":0.586218},{"id":"https://openalex.org/C126255220","wikidata":"https://www.wikidata.org/wiki/Q141495","display_name":"Mathematical optimization","level":1,"score":0.5168841},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.50286025},{"id":"https://openalex.org/C48677424","wikidata":"https://www.wikidata.org/wiki/Q6888088","display_name":"Mode (computer interface)","level":2,"score":0.49605092},{"id":"https://openalex.org/C107673813","wikidata":"https://www.wikidata.org/wiki/Q812534","display_name":"Bayesian probability","level":2,"score":0.46096182},{"id":"https://openalex.org/C2778572836","wikidata":"https://www.wikidata.org/wiki/Q380933","display_name":"Space (punctuation)","level":2,"score":0.41863796},{"id":"https://openalex.org/C97541855","wikidata":"https://www.wikidata.org/wiki/Q830687","display_name":"Reinforcement learning","level":2,"score":0.29083925},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.28143898},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.24219987},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"is_oa":false,"landing_page_url":"https://doi.org/10.1287/opre.2015.1344","pdf_url":null,"source":{"id":"https://openalex.org/S125775545","display_name":"Operations Research","issn_l":"0030-364X","issn":["0030-364X","1526-5463"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false}],"best_oa_location":null,"sustainable_development_goals":[],"grants":[],"datasets":[],"versions":[],"referenced_works_count":31,"referenced_works":["https://openalex.org/W1580561995","https://openalex.org/W1987538014","https://openalex.org/W2014275457","https://openalex.org/W2014608922","https://openalex.org/W2050831530","https://openalex.org/W2074701161","https://openalex.org/W2082247722","https://openalex.org/W2084541012","https://openalex.org/W2091082553","https://openalex.org/W2098612888","https://openalex.org/W2112196420","https://openalex.org/W2118057496","https://openalex.org/W2156013351","https://openalex.org/W2161509455","https://openalex.org/W2161705596","https://openalex.org/W2167770337","https://openalex.org/W2574199497","https://openalex.org/W3121267292","https://openalex.org/W3122954688","https://openalex.org/W3122984617","https://openalex.org/W3123651574","https://openalex.org/W3124267768","https://openalex.org/W3126095556","https://openalex.org/W347146154","https://openalex.org/W4229844634","https://openalex.org/W4230704549","https://openalex.org/W4233844215","https://openalex.org/W4254875572","https://openalex.org/W4256232412","https://openalex.org/W4302567662","https://openalex.org/W604762380"],"related_works":["https://openalex.org/W8327028","https://openalex.org/W4281699453","https://openalex.org/W300947857","https://openalex.org/W2391987201","https://openalex.org/W2381764458","https://openalex.org/W2377903124","https://openalex.org/W2320718078","https://openalex.org/W2129620190","https://openalex.org/W2123899227","https://openalex.org/W2030191131"],"abstract_inverted_index":{"We":[0,155,183],"consider":[1,160],"a":[2,22,30,37,65,71,132,148,161],"firm":[3,50,140,162],"that":[4,104,121,145,163,201],"can":[5,128,164],"use":[6],"one":[7],"of":[8,21,36,88,135,174,191,198],"several":[9],"costly":[10],"learning":[11,25,47,56,97,124,143,167,199],"modes":[12,144,168,200],"to":[13,42,54,100,159],"dynamically":[14],"reduce":[15],"uncertainty":[16],"about":[17,45],"the":[18,49,62,76,83,92,95,102,106,113,139,172,186,205],"unknown":[19,78],"value":[20],"project.":[23,63],"Each":[24],"mode":[26,103],"incurs":[27],"cost":[28,108],"at":[29],"particular":[31,38],"rate":[32,115],"and":[33,57,69,85,125,138,178,188,194],"provides":[34],"information":[35],"quality.":[39,111],"In":[40,91],"addition":[41],"dynamic":[43,179],"decisions":[44],"its":[46],"mode,":[48],"must":[51],"decide":[52],"when":[53],"stop":[55],"either":[58],"invest":[59],"or":[60],"abandon":[61],"Using":[64],"continuous-time":[66],"Bayesian":[67],"framework,":[68],"assuming":[70],"binary":[72],"prior":[73],"distribution":[74],"for":[75],"project\u2019s":[77],"value,":[79],"we":[80,119],"solve":[81,184],"both":[82,175,185],"discounted":[84,187],"undiscounted":[86,93,189],"versions":[87,190],"this":[89,192],"problem.":[90],"case,":[94],"optimal":[96,123,206],"policy":[98,127],"is":[99,116],"choose":[101,165],"has":[105],"smallest":[107],"per":[109],"signal":[110],"When":[112],"discount":[114],"strictly":[117],"positive,":[118],"prove":[120],"an":[122],"investment":[126,176],"be":[129],"summarized":[130],"by":[131],"small":[133],"number":[134],"critical":[136],"values,":[137],"only":[141],"uses":[142],"lie":[146],"on":[147],"certain":[149],"convex":[150],"envelope":[151],"in":[152],"cost-rate-versus-signal-quality":[153],"space.":[154],"extend":[156],"our":[157],"analysis":[158,173],"multiple":[166],"simultaneously,":[169],"which":[170],"requires":[171],"timing":[177],"subset":[180],"selection":[181],"decisions.":[182],"problem":[193],"explicitly":[195],"identify":[196],"sets":[197],"are":[202],"used":[203],"under":[204],"policy.":[207]},"cited_by_api_url":"https://api.openalex.org/works?filter=cites:W2118487768","counts_by_year":[{"year":2024,"cited_by_count":8},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":11},{"year":2021,"cited_by_count":10},{"year":2020,"cited_by_count":8},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":6},{"year":2017,"cited_by_count":6},{"year":2016,"cited_by_count":3},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":1}],"updated_date":"2025-01-06T03:48:26.852431","created_date":"2016-06-24"}