Time Consistent Discounting

Details Time Consistent Discounting Time Consistent Discounting

2011-07-27

arxiv.org/abs/1107.5528v1

Proc. 22nd International Conf. on Algorithmic Learning Theory (ALT-2011) pages 383-397

Computer Science

Artificial Intelligence

17 LaTeX pages, 5 figures

Scientific paper

A possibly immortal agent tries to maximise its summed discounted rewards over time, where discounting is used to avoid infinite utilities and encourage the agent to value current rewards more than future ones. Some commonly used discount functions lead to time-inconsistent behavior where the agent changes its plan over time. These inconsistencies can lead to very poor behavior. We generalise the usual discounted utility model to one where the discount function changes with the age of the agent. We then give a simple characterisation of time-(in)consistent discount functions and show the existence of a rational policy for an agent that knows its discount function is time-inconsistent.

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