An Exponential Model tor Optimal Time Allocation in Decision Making
Ronald R. Yager · Journal of Information and Optimization Sciences · 1981
Decision makers are concerned with how to allocate their time among various decisions. We use information theory and stochastic learning theory to develop an exponential model for the expected value of a decision as a function of time. Then an algorithm is developed which enables a decision maker to optimally allocate his time among n-independent decisions.