I’m going to reply briefly to some of these questions, but the subject of several of them should be more comprehensively covered in future posts.
Yes, I will be applying this model (& extensions) to some real examples, and also looking at some places where it predicts observed behaviour.
Yes, binary success/failure is not always a good model, and I’ll explore this.
Fallenstein and Mennen give more in-depth justifications for why you might use a Pareto distribution in the linked article; I wasn’t really defending the Pareto distribution, so perhaps I passed over this rather quickly.
Interesting idea on analogies with the multi-armed bandit problem. My impression is that it’s not really applicable, since we’re looking at problems which only pay out once (or at the very least have diminishing returns), but there might be something to say there. I’ll think about it.
I’m going to reply briefly to some of these questions, but the subject of several of them should be more comprehensively covered in future posts.
Yes, I will be applying this model (& extensions) to some real examples, and also looking at some places where it predicts observed behaviour.
Yes, binary success/failure is not always a good model, and I’ll explore this.
Fallenstein and Mennen give more in-depth justifications for why you might use a Pareto distribution in the linked article; I wasn’t really defending the Pareto distribution, so perhaps I passed over this rather quickly.
Interesting idea on analogies with the multi-armed bandit problem. My impression is that it’s not really applicable, since we’re looking at problems which only pay out once (or at the very least have diminishing returns), but there might be something to say there. I’ll think about it.