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bandit problem (C9)<br />A learning problem. Repeatedly a choice is made from a fixed number of options in order to maximize the total reward over a particular time period. The one-armed bandit is a familiar slot machine game.<br /><em>Reference</em><br />Berry, D.A. and Fristedt, B. (1985) Bandit Problems: Sequential Allocation of Experiments, London: Chapman and HalL
<strong>American Student Assistance (ASA)</strong> – the MDHE' s servicer for FFEL Program loans.
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second best (DO)<br />An allocation falling short of being PARETO-EFFICIENT by not fulfilling all of Pareto's conditions for optimality_<br /><em>Reference</em><br />Lipsey, R.G and Lancaster, K. (1956)<br />'The general theory of the second best', Review of Economic Studies 24: 11-32. second-degree price discrimination (L2, M3)<br />Setting different prices for different quantities, e_g. offering discounts for purchasing larger quantities, but subjecting all customers to the same price schedule_<br /><em>See also:</em> price discrimination
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