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Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.246 -1.428 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.284 0 Td [(learni)1 (ng)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.836 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.53 0 Td [(sto)-28 (c)28 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.622 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.284 0 Td [(Physic)51 (al)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.925 0 Td [(R)51 (evi)1 (ew)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.386 0 Td (E)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.29 0 Td (99)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (043305.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -33.172 -1.428 Td ([4])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 1.643 0 Td (Barlo,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.836 0 Td (M.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.922 0 Td (Carmona,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.311 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.507 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.947 0 Td (Sabourian,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.885 0 Td (H.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.469 0 Td (\(2016\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.392 0 Td (Bounded)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.211 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.868 0 Td [(F)84 (olk)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.211 0 Td (Theorem.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.505 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -40.064 -1.428 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td [(e)51 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.344 0 Td [(the)51 (ory)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.282 0 Td (163)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.336 0 Td (728{774.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -12.781 -1.428 Td ([5])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 1.643 0 Td (Beggs,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.795 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.54 0 Td (W.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.787 0 Td (\(2005\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.417 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.694 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.75 0 Td [(con)27 (v)28 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.559 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.312 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.14 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.706 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.202 0 Td [(e)51 (c)52 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.37 0 Td [(the)51 (ory)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -40.439 -1.428 Td (122)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (\(1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (1{36.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -5.59 -1.428 Td ([6])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 1.643 0 Td (Benveniste,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.415 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.823 0 Td (Metivier,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.295 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.72 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.023 0 Td (Priouret,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.426 0 Td (P.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.472 0 Td (\(1990\).)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.467 0 Td [(A)51 (daptive)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.214 0 Td [(A)26 (lgorithms)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.172 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.014 0 Td [(Sto)51 (chastic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.041 -1.428 Td [(Appr)51 (oximations)]TJ /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.479 0 Td (Springer.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -9.122 -1.428 Td ([7])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 1.643 0 Td [(Ber)22 (gemann,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.459 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.545 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.008 0 Td (V)Tj 0.844 0.083 Td ()Tj 2.145 -0.083 Td (aki,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.315 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.283 0 Td (\(2008\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.453 0 Td (Bandit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.383 0 Td (Problems.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.753 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.314 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.23 0 Td (N.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.425 0 Td (Durlauf)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.747 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.008 0 Td (L.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.3 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.355 0 Td (Blume)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -29.742 0 Td (alim)Tj 2.206 0.083 Td ()Tj EMC /P <>BDC /T1_2 1 Tf -13.032 -1.511 Td (\(eds.\),)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.009 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.997 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.179 0 Td [(Palg)1 (r)51 (ave)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.017 0 Td (Dictionary)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.962 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.128 0 Td [(Ec)51 (onomics:)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.281 0 Td [(V)77 (olume)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.558 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.821 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.821 0 Td (8)Tj /T1_2 1 Tf 0.512 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.56 0 Td (London:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.851 0 Td [(P)28 (algra)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.021 0 Td [(Macm)-1 (i)1 (llan)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.865 0 Td (UK,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.582 -1.428 Td (pp.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (336{340.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -3.365 -1.428 Td ([8])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 1.643 0 Td [(Bloember)22 (gen,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.451 0 Td (D.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.76 0 Td (Tuyls,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.681 0 Td (K.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.773 0 Td (Hennes,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.311 0 Td [(D)1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.481 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td (Kaisers,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.532 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.641 0 Td (\(2015\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td [(Ev)28 (olutionary)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.988 0 Td (Dynamics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.63 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.581 -1.428 Td [(Multi-Agen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.694 0 Td [(Le)-1 (ar)1 (ning:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.462 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.083 0 Td [(Surv)28 (ey.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.586 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.681 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.175 0 Td [(A)25 (rti\fcial)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.232 0 Td [(Intel)-51 (ligenc)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.318 0 Td [(R)51 (ese)51 (ar)51 (ch)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.42 0 Td (53)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.761 0 Td (659{697.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -37.055 -1.428 Td ([9])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 1.643 0 Td (B)Tj 0.812 0.083 Td ()Tj EMC /P <>BDC -0.041 -0.083 Td [(or)22 (gers,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.218 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.482 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.988 0 Td (Sarin,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.485 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.497 0 Td (\(1997\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.433 0 Td (Learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.227 0 Td (Through)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.158 0 Td [(Reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.671 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.988 0 Td (Replicator)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.894 0 Td (Dynamics.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -38.812 -1.428 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.681 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.175 0 Td [(e)51 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.345 0 Td [(the)51 (ory)]TJ /T1_2 1 Tf 2.671 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (77)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (1{14.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -17.998 -1.428 Td ([10])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Chen,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.362 0 Td (L.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.703 0 Td [(Mislo)22 (ve,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.839 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.555 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.034 0 Td (Wilson,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.419 0 Td (C.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.529 0 Td (\(2016\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.479 0 Td (An)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.729 0 Td (Empirical)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.662 0 Td (Analysis)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.101 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.228 0 Td (Algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.62 0 Td (Pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.26 -1.428 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.38 0 Td (Amazon)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.908 0 Td [(Mark)28 (etplace.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.965 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.242 0 Td [(Pr)51 (o)51 (c)51 (e)51 (e)52 (dings)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.334 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.653 0 Td (25th)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.215 0 Td (International)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.064 0 Td [(Confer)51 (enc)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.166 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.423 0 Td [(Worl)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.047 0 Td (Wide)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.626 0 Td (Web)Tj /T1_2 1 Tf 1.92 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.109 -1.428 Td (WWW)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.464 0 Td ('16,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.938 0 Td (Republic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.228 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.992 0 Td [(Ca)-1 (n)28 (ton)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.577 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.187 0 Td [(Ge)-1 (n)1 (e)-1 (v)56 (a,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.861 0 Td (Switzerland:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.774 0 Td [(In)28 (ternational)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.051 0 Td [(W)83 (orld)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.051 0 Td (Wide)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.688 0 Td [(W)84 (eb)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.326 0 Td (Confer)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -40.137 -1.428 Td (ences)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.616 0 Td [(Stee)-1 (r)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.892 0 Td (Committee,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.444 0 Td (pp.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (1339{1349.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -15.817 -1.428 Td ([11])Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.143 0 Td (Cooper,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.5 0 Td [(D)1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.553 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.247 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.971 0 Td (K)Tj 0.873 0.083 Td ()Tj -0.03 -0.083 Td (uhn,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.565 0 Td (K.-U.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.034 0 Td (\(2014\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.416 0 Td [(Comm)28 (unication,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.554 0 Td (Renegotiation,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.707 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.97 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.749 0 Td [(Scop)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.888 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.557 0 Td (Col)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.554 -1.428 Td (lusion.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.172 0 Td [(A)26 (meric)51 (an)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.563 0 Td [(Ec)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.614 0 Td (Journal:)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.987 0 Td [(Micr)51 (o)51 (e)51 (c)51 (onomics)]TJ /T1_2 1 Tf 6.891 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (6)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.908 0 Td (\(2\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (247{278.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -28.779 -1.428 Td ([12])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Cr)22 (oss,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.595 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.245 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.486 0 Td (\(1973\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.371 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.065 0 Td [(Sto)-28 (c)28 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.765 0 Td (Learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.165 0 Td [(Mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.038 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.121 0 Td (Economic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.551 0 Td [(Beha)28 (vior.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.469 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.028 0 Td (quarterly)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.226 0 Td [(jou)1 (rnal)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.446 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -42.571 -1.428 Td [(e)51 (c)51 (onomics)]TJ /T1_2 1 Tf 4.396 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (87)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(2\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (239{266.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -10.522 -1.428 Td ([13])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Decar)22 (olis,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.904 0 Td (F.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.485 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.065 0 Td [(R)29 (o)22 (viga)67 (tti,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.796 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.624 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.509 0 Td [(F)83 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.749 0 Td (Mad)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.425 0 Td (Men)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.37 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.343 0 Td (Maths)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.209 0 Td (Men:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.649 0 Td [(Concen)28 (tration)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.65 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.777 -1.428 Td [(Buy)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.934 0 Td [(P)28 (o)28 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.989 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (Online)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.222 0 Td [(Adv)28 (ertising.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -12.454 -1.428 Td ([14])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Duffy,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.771 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td (\(2006\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.339 0 Td [(Agen)28 (t-base)-1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.679 0 Td [(mo)-27 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.316 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.894 0 Td [(h)28 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.256 0 Td [(sub)-56 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.428 0 Td [(exp)-28 (erimen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.818 0 Td [(Handb)51 (o)51 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.479 0 Td [(o)-1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.13 0 Td [(c)51 (omputational)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -37.28 -1.428 Td [(e)51 (c)51 (onomics)]TJ /T1_2 1 Tf 4.396 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -6.539 -1.428 Td ([15])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Erev,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.283 0 Td (I.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.127 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.013 0 Td [(R)29 (oth,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.379 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.582 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.464 0 Td (\(1998\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.457 0 Td (Predicting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.919 0 Td [(Ho)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.346 0 Td [(P)28 (eople)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.276 0 Td [(Pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.36 0 Td (Games:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.636 0 Td [(Reinforceme)-1 (n)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.697 0 Td (Learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.539 -1.428 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.236 0 Td [(Exp)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.28 0 Td [(Game)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.359 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.348 0 Td (Unique,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.792 0 Td (Mixed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.125 0 Td [(S)1 (trategy)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.1 0 Td (Equilibria.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.003 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.109 0 Td [(A)26 (meric)51 (an)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.627 0 Td [(e)52 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.408 0 Td [(r)51 (eview)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -40.387 -1.428 Td (88)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (848{881.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -5.515 -1.428 Td ([16])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Ezra)22 (chi,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.68 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.504 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.982 0 Td (Stucke,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.336 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.724 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.433 0 Td (\(2016\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.426 0 Td (Virtual)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.513 0 Td [(Comp)-27 (etition.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.119 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.715 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.21 0 Td [(Eur)52 (op)51 (e)51 (an)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.43 0 Td [(Comp)51 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -38.071 -1.428 Td [(L)51 (aw)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.11 0 Td (&)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.124 0 Td [(P)-1 (r)52 (actic)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.139 0 Td (7)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.908 0 Td (\(9\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (585{586.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -12.313 -1.428 Td ([17])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (|)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf (|)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (\(2017\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (Arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 11.995 0 Td [(in)28 (telligence)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf (&)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.139 0 Td (collusion:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (When)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.145 0 Td (computers)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (inhibit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf [(com)-1 (p)-27 (etition.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 13.621 0 Td (University)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -38.9 -1.428 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td [(Il)-51 (linois)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.4 0 Td (law)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.789 0 Td [(r)51 (eview)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.333 0 Td (p.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (1775.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -13.008 -1.428 Td ([18])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Fudenber)22 (g,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.122 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.429 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.892 0 Td (Levine,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.969 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.471 0 Td (K.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.443 0 Td (\(2016\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.336 0 Td (Whither)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.923 0 Td (Game)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.842 0 Td (Theory?)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.895 0 Td [(T)84 (o)27 (w)28 (ards)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.927 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.781 0 Td (Theory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.422 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.086 0 Td (Learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.538 -1.428 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (Games.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.569 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.045 0 Td (journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.462 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td [(e)51 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.345 0 Td [(p)51 (ersp)52 (e)51 (ctives)]TJ /T1_2 1 Tf 5.046 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (30)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (151{170.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -26.936 -1.428 Td ([19])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Ga)67 (t)66 (a,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.289 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.32 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.447 0 Td (\(2019\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.442 0 Td [(Con)27 (trollin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.307 0 Td (Algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.583 0 Td (Collusion:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.726 0 Td (Short)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.778 0 Td (Review)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.54 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.192 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.775 0 Td [(Lite)-1 (r)1 (ature,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.073 0 Td (Undecid)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -39.472 -1.428 Td [(abilit)28 (y)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.306 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td [(Alternativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.253 0 Td [(Approac)28 (hes.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -12.646 -1.428 Td ([20])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Greenw)89 (ald,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.421 0 Td (A.)Tj /T1_2 1 Tf 1.134 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.653 0 Td (Hall,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.195 0 Td (K.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.538 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.987 0 Td (Serrano,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.977 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.495 0 Td (\(2003\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.432 0 Td (Correlated)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.992 0 Td (Q-learning.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.268 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.291 0 Td (ICML)Tj EMC /Link <>BDC /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.279 0 Td [(aaai.)1 (org,)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1027 0 obj <> endobj 1028 0 obj <>stream H\Ko0 {%Cl+UZZ$݋v`:{LVs |X1n2 }3] FUn4%+,<_TM9ĩl ,\L՝(~ع],Uw'QAm_MQ7̳`sr9~yrG5IKgɥ/E MW{$ k>-]eWALn,vRm*{|cp&׺.̜lOSz0AJ;M' BD#ք5bC -w;r$'3GJ8x=as96[^O y=!'Q=%|S`7]9c[;lF;yx`,ѷ endstream endobj 1029 0 obj [575 575 575 575 575 575 575 575 575 575 319.4 319.4 350 894.4 543.1 543.1 894.4 869.4 818.1 830.6 881.9 755.6 723.6 904.2 900 436.1 594.4 901.4 691.7 1091.7 900 863.9 786.1 863.9] endobj 1030 0 obj <>stream H\n@=e*bkRER#j$5IFR#j$5IFR#j$5 ՚c5ʙj/*~8siI:\ endstream endobj 1031 0 obj [562.2 587.8 881.7 894.4 306.7 332.2 511.1 511.1 511.1 511.1 511.1 831.3 460 536.7 715.6 715.6 511.1 882.8 985 766.7 255.6 306.7 514.4 817.8 769.1 817.8 766.7 306.7 408.9 408.9 511.1 766.7 306.7 357.8 306.7 511.1 511.1 511.1 511.1 511.1 511.1 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272 272 761.6 462.4 462.4 761.6 734 693.4 707.2 747.8 666.2 639 768.3 734 353.2 503 761.2 611.8 897.2 734 761.6 666.2 761.6 720.6 544 707.2 734 734 1006 734 734 598.4 272 489.6 272 489.6 272 272 489.6 544 435.2 544 435.2 299.2 489.6 544 272 299.2 516.8 272 816 544 489.6 544 516.8 380.8 386.2 380.8 544 516.8 707.2 516.8 516.8 435.2 489.6 979.2 489.6 489.6 489.6] endobj 1039 0 obj <>stream BT /Artifact <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 726.747 Tm (42)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf -28.883 -2.6 Td (Sifre,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.247 0 Td (L.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.558 0 Td (Kumaran,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.284 0 Td (D.)Tj /T1_2 1 Tf 1.148 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.555 0 Td (Graepel,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.892 0 Td (T.)Tj /T1_2 1 Tf 1.105 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.555 0 Td (Lillicrap,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.317 0 Td (T.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.661 0 Td [(Simony)67 (an,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.32 0 Td (K.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.44 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.888 0 Td (Hassabis,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.935 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.425 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.332 -1.428 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.205 0 Td (general)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.57 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.406 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.958 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.289 0 Td (masters)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.803 0 Td [(c)28 (hess,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.938 0 Td [(s)-1 (h)1 (ogi,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.962 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.066 0 Td (Go)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.741 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.902 0 Td [(self-pla)27 (y.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.521 -1.428 Td [(Scienc)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.831 0 Td (362)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (\(6419\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (1140{1144.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -11.422 -1.428 Td ([40])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (|)Tj /T1_2 1 Tf 1.106 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.635 0 Td (Schrittwieser,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.938 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.521 0 Td [(Simony)67 (an,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.404 0 Td (K.)Tj /T1_2 1 Tf 1.163 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.635 0 Td (Antonoglou,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.028 0 Td (I.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.36 0 Td (Huang,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.017 0 Td (A.)Tj /T1_2 1 Tf 1.134 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.635 0 Td (Guez,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.247 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.768 0 Td [(Huber)67 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.414 0 Td (T.)Tj /T1_2 1 Tf 1.105 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -43.109 -1.428 Td (Baker,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.049 0 Td (L.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.778 0 Td (Lai,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.468 0 Td (M.)Tj /T1_2 1 Tf 1.309 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.775 0 Td [(Bol)67 (ton,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.562 0 Td (A.)Tj /T1_2 1 Tf 1.134 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.775 0 Td (Chen,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.44 0 Td (Y.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.909 0 Td (Lillicrap,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.548 0 Td (T.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.881 0 Td (Hui,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.599 0 Td (F.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.807 0 Td (Sifre,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.478 0 Td (L.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.778 0 Td [(v)89 (an)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.301 0 Td (den)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.591 -1.428 Td (Driessche,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.611 0 Td (G.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.729 0 Td (Graepel,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.895 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.386 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.892 0 Td (Hassabis,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.938 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.429 0 Td (\(2017\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.336 0 Td [(Mas)-1 (t)1 (e)-1 (ri)1 (ng)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.651 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.67 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.558 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.087 0 Td (Go)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.565 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.67 0 Td [(h)28 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.417 -1.428 Td [(kno)28 (wledge.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.111 0 Td [(Natur)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.565 0 Td (550)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (\(7676\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (354{359.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -16.267 -1.428 Td ([41])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Singh,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.496 0 Td (N.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.484 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.962 0 Td (Vives,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.46 0 Td (X.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.484 0 Td (\(1984\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.407 0 Td [(Pri)1 (c)-1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.588 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.962 0 Td [(quan)28 (tit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.018 0 Td [(comp)-27 (e)-1 (t)1 (ition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.544 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.184 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.85 0 Td [(di\013eren)28 (tiated)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.132 0 Td [(duop)-28 (oly.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.129 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -41.7 -1.428 Td [(R)51 (and)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.62 0 Td (journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.462 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td [(e)51 (c)51 (onomics)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.007 0 Td (pp.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (546{554.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -16.131 -1.428 Td ([42])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Sutton,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.353 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.497 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.264 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td [(Bar)67 (to,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.843 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.511 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.505 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.389 0 Td [(R)51 (einfor)51 (c)51 (ement)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.593 0 Td [(le)51 (arning:)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.154 0 Td [(A)26 (n)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.637 0 Td [(intr)51 (o)51 (duction)]TJ /T1_2 1 Tf 5.253 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.611 0 Td (MIT)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.334 0 Td (press.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -42.031 -1.428 Td ([43])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(T)87 (amp)1 (u)-1 (u,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.624 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.824 0 Td [(Ma)67 (ti)-23 (isen,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.163 0 Td (T.)Tj /T1_2 1 Tf 1.106 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.691 0 Td [(K)29 (odelja,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.963 0 Td (D.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.84 0 Td [(Kuzo)22 (vkin,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.517 0 Td (I.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.416 0 Td [(K)29 (orjus,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.328 0 Td (K.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.853 0 Td [(Ar)22 (u,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.788 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.577 0 Td [(Ar)22 (u,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.788 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.299 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.776 -1.428 Td (Vicente,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.841 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.564 0 Td (\(2017\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.5 0 Td [(Multiagen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.223 0 Td [(co)-28 (op)-27 (eration)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.558 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.638 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.389 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.444 0 Td [(reinforceme)-1 (n)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.395 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.607 -1.428 Td (PloS)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.365 0 Td (one)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.144 0 Td (12)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (e0172395.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -10.025 -1.428 Td ([44])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Tesa)22 (ur)22 (o,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.056 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.633 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.074 0 Td [(Kephar)67 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.145 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.401 0 Td (O.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.627 0 Td (\(2002\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.519 0 Td (Pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.591 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.296 0 Td [(Agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.075 0 Td (Economies)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.094 0 Td (Using)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.941 0 Td [(Multi-Agen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.825 0 Td (Q-)Tj -42.277 -1.428 Td (Learning.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.461 0 Td [(A)26 (utonomous)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.803 0 Td (agents)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.092 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.942 0 Td (multi-agent)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.289 0 Td (systems)Tj /T1_2 1 Tf 3.324 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (5)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.908 0 Td (\(3\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (289{304.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -29.463 -1.428 Td ([45])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Ty)67 (a)22 (gi,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.706 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.639 0 Td (K.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.631 0 Td (\(1999\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.524 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.802 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.857 0 Td (relationship)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.589 0 Td [(b)-27 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.995 0 Td [(pro)-28 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.888 0 Td [(s)-1 (u)1 (bstitutabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.147 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.079 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.469 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.326 -1.428 Td (Managerial)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.254 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.941 0 Td [(De)51 (cision)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.078 0 Td [(Ec)51 (onomics)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.276 0 Td (20)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(6\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (293{298.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -22.065 -1.428 Td ([46])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(W)117 (al)66 (tman,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.344 0 Td [(L)-1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.367 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.976 0 Td [(Ka)67 (ymak,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.728 0 Td (U.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.499 0 Td (\(2008\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.421 0 Td [(Q-learnin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.978 0 Td [(agen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.12 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.198 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.864 0 Td (Cournot)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.979 0 Td [(oligop)-28 (ol)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.309 0 Td [(mo)-28 (del.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.282 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -40.064 -1.428 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td [(e)51 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.344 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.421 0 Td (&)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.125 0 Td [(c)51 (ontr)51 (ol)]TJ /T1_2 1 Tf 2.951 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (32)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(10\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.389 0 Td (3275{3293.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.644 -1.428 Td ([47])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(W)117 (a)66 (tkins,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.854 0 Td (C.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.506 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.286 0 Td (C.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.505 0 Td (H.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.487 0 Td (\(1989\).)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.41 0 Td [(L)51 (e)51 (arning)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.186 0 Td [(fr)52 (om)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.382 0 Td [(delaye)51 (d)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.52 0 Td [(r)51 (ewar)51 (ds)]TJ /T1_2 1 Tf 3.298 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.632 0 Td (Ph.D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.91 0 Td (thesis,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.087 0 Td (King's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.137 0 Td (College,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.798 0 Td (Cam)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -40.997 -1.428 Td (bridge.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -2.143 -1.428 Td ([48])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (|)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.439 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.944 0 Td [(D)29 (a)67 (y)66 (an,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.816 0 Td (P.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.396 0 Td (\(1992\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (Q-learning.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.225 0 Td (Machine)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.066 0 Td [(le)51 (arning)]TJ /T1_2 1 Tf 3.488 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (8)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.908 0 Td (\(3\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (279{292.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -30.314 -1.428 Td ([49])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Wunder,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.857 0 Td (M.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.96 0 Td (Littman,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.881 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.728 0 Td (L.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.378 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.985 0 Td (Babes,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.72 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.682 0 Td (\(2010\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.43 0 Td (Classes)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.502 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.18 0 Td [(m)27 (ultiagen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.041 0 Td (q-learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.738 0 Td (dynam)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -40.082 -1.428 Td (ics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.528 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.355 0 Td (epsilon-greedy)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.613 0 Td (exploration.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.607 0 Td [(Pr)51 (o)51 (c)51 (e)51 (e)52 (dings)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.413 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.247 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.732 0 Td (27th)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.294 0 Td (International)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.143 0 Td [(Confer)51 (enc)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.245 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.502 0 Td (Machine)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.679 -1.428 Td [(L)51 (e)51 (arning)]TJ /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1040 0 obj <>stream BT /Artifact <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 521.094 726.747 Tm (41)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -26.094 -2.6 Td [(v)28 (ol.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (3,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.112 0 Td (pp.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (242{249.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -6.866 -1.428 Td ([21])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Greenw)89 (ald,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.387 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.522 0 Td (R.)Tj /T1_2 1 Tf 1.12 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.621 0 Td [(Kephar)67 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.02 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.274 0 Td (O.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.507 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.954 0 Td [(Tesa)22 (ur)22 (o,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.93 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.559 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.229 0 Td (\(1999\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.399 0 Td (Strategic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.236 0 Td [(Pri)1 (c)-1 (eb)-27 (ot)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.054 0 Td (Dynamics.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.813 -1.428 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.261 0 Td [(Pr)51 (o)51 (c)51 (e)51 (e)52 (dings)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.353 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.186 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.671 0 Td (1st)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.62 0 Td [(A)26 (CM)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.698 0 Td [(C)1 (onfer)51 (enc)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.185 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.442 0 Td [(El)1 (e)51 (ctr)51 (onic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.713 0 Td [(Commer)51 (c)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.186 0 Td (EC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.747 0 Td ('99,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.901 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.261 0 Td [(Y)83 (ork,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.709 0 Td (NY,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.122 0 Td (USA:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.055 -1.428 Td [(A)28 (CM,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.973 0 Td [(p)1 (p.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (58{67.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -6.838 -1.428 Td ([22])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Harrington,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.716 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.254 0 Td (E.,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.748 0 Td (Jr)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.492 0 Td (\(2017\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.38 0 Td [(Dev)28 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.143 0 Td [(Comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.795 0 Td [(La)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.143 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.521 0 Td (Collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.385 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.38 0 Td (Autonomous)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.857 0 Td [(Pr)1 (ic)-1 (e-)]TJ -40.814 -1.428 Td (Setting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.444 0 Td [(Agen)28 (ts)-1 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -5.587 -1.428 Td ([23])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Ho,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.103 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.439 0 Td (H.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.702 0 Td (Camerer,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.12 0 Td (C.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.439 0 Td (F.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.323 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.902 0 Td (Chong,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.943 0 Td (J.-K.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.717 0 Td (\(2007\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.347 0 Td (Self-tuning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.041 0 Td [(exp)-28 (erience)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.851 0 Td [(w)28 (eigh)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.124 0 Td (attraction)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.051 -1.428 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.836 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.283 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.681 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.175 0 Td [(e)51 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.345 0 Td [(the)51 (ory)]TJ /T1_2 1 Tf 2.671 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (133)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (\(1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (177{198.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -26.859 -1.428 Td ([24])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Hopkins,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.714 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.394 0 Td (\(2002\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td [(Tw)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.25 0 Td [(comp)-28 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.861 0 Td [(mo)-28 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.366 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td [(ho)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.083 0 Td [(p)-28 (eople)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.139 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.503 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.283 0 Td [(Ec)51 (onometric)51 (a)]TJ /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -35.432 -1.428 Td ([25])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Hu,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.015 0 Td (J.)Tj /T1_2 1 Tf 0.886 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.506 0 Td (Wellman,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.251 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.576 0 Td (P.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.289 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.84 0 Td (Others)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.895 0 Td (\(1998\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.285 0 Td [(Mu)1 (ltiagen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.006 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.179 0 Td (learning:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.009 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.843 0 Td (frame)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -40.58 -1.428 Td [(w)28 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.448 0 Td [(an)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.945 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (algorithm.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.836 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.249 0 Td (ICML)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.236 0 Td [(v)27 (ol.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.89 0 Td (98,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.611 0 Td (pp.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (242{250.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -22.469 -1.428 Td ([26])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Huck,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.353 0 Td (S.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.544 0 Td (Normann,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.338 0 Td (H.-T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.952 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.946 0 Td (Oechssler,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.895 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.221 0 Td (\(2004\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.391 0 Td [(Tw)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.252 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.671 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.808 0 Td [(an)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.947 0 Td (four)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.088 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.671 0 Td [(man)28 (y:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.003 0 Td [(n)28 (um)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.08 -1.428 Td (e\013ects)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.034 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td [(exp)-28 (erimen)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.975 0 Td [(oligop)-28 (olies.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.144 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.681 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.175 0 Td [(e)51 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.345 0 Td [(b)51 (ehavior)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.949 0 Td (&)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.124 0 Td [(or)51 (ganization)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.965 0 Td (53)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (435{446.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -41.074 -1.428 Td ([27])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Kianer)22 (cy,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.45 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.503 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.981 0 Td [(Galsty)67 (an,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.536 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.503 0 Td (\(2012\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.426 0 Td (Dynamics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.667 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.175 0 Td [(Boltzm)-1 (an)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.135 0 Td (Q)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.148 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.873 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.203 0 Td [(t)28 (w)28 (o-pla)28 (y)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.9 0 Td [(t)27 (w)28 (o-)]TJ -41.5 -1.428 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.936 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.218 0 Td [(Physic)51 (al)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.865 0 Td [(r)51 (eview.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.327 0 Td (E,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.283 0 Td [(Sta)-1 (ti)1 (st)-1 (i)1 (c)51 (al,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.874 0 Td [(nonline)52 (ar,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.707 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.882 0 Td (soft)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.857 0 Td (matter)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.174 0 Td (physics)Tj /T1_2 1 Tf 3.09 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.546 0 Td (85)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.419 0 Td (\(4)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.158 0 Td (Pt)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.338 0 Td (1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.436 0 Td (041145.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -42.253 -1.428 Td ([28])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Klein,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.428 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.345 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.295 0 Td (Assessing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.345 0 Td (Autonomous)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.772 0 Td (Algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.436 0 Td (Collusion:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.578 0 Td (Q-Learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.2 0 Td (Under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.937 0 Td [(Sh)1 (o)-1 (r)1 (t-R)-1 (u)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.812 0 Td (Price)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.148 -1.428 Td [(Commitmen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -2.143 -1.428 Td ([29])Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.143 0 Td (K)Tj 0.884 0.083 Td ()Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.208 -0.083 Td (onen,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.236 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.581 0 Td (\(2006\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.503 0 Td (Dynamic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.35 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.451 0 Td [(b)1 (as)-1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.897 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.503 0 Td (asymmetric)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.483 0 Td [(m)27 (u)1 (ltiagen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.115 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.397 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -38.765 0 Td (on)Tj 1.29 0.083 Td ()Tj EMC /P <>BDC /T1_4 1 Tf -2.133 -1.511 Td (International)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.072 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.68 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td [(Intel)-51 (ligent)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.782 0 Td (Systems)Tj /T1_2 1 Tf 3.475 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.611 0 Td (21)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (73{98.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -25.311 -1.428 Td ([30])Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.143 0 Td (K)Tj 0.873 0.083 Td ()Tj -0.03 -0.083 Td (uhn,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.608 0 Td (K.-U.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.075 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.012 0 Td [(T)88 (a)-1 (delis,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.535 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.332 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.457 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.123 0 Td (Economics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.032 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.207 0 Td (Algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.598 0 Td [(P)1 (ricing:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.806 0 Td (Is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.157 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.184 0 Td (really)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.969 -1.428 Td (inevitable?)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -2.143 -1.428 Td ([31])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Leufkens,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.363 0 Td (K.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.506 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.955 0 Td (Peeters,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.775 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.463 0 Td (\(2011\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.4 0 Td (Price)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.583 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.433 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.955 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.127 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.847 0 Td (short-run)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.411 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.458 0 Td (com)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /Span <>BDC -41.277 -1.428 Td [(mitmen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.7 0 Td (International)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.072 0 Td (Journal)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.68 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td (Industrial)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.59 0 Td [(Or)51 (ganization)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.22 0 Td (29)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (134{153.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -31.954 -1.428 Td ([32])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Maskin,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.253 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.34 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.891 0 Td [(Tir)22 (ole,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.017 0 Td (J.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.165 0 Td (\(1988\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.336 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.03 0 Td (Theory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.422 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.086 0 Td (Dynamic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.183 0 Td [(Oligop)-28 (oly)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.697 0 Td [(I)-28 (I:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.308 0 Td (Price)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.519 0 Td [(Comp)-28 (etition,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.03 0 Td [(Kink)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.278 -1.428 Td (Demand)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.986 0 Td [(Curv)28 (e)-1 (s,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.619 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td [(Edgew)28 (orth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.045 0 Td (Cycles.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.423 0 Td [(Ec)51 (onometric)51 (a)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.541 0 Td (56)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (\(3\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (571{599.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -30.073 -1.428 Td ([33])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Mnih,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.391 0 Td (V.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.912 0 Td [(Ka)89 (vuk)22 (cuoglu,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.688 0 Td (K.)Tj /T1_2 1 Tf 1.163 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.779 0 Td [(Sil)89 (ver,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.985 0 Td (D.)Tj /T1_2 1 Tf 1.148 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.779 0 Td [(R)29 (usu,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.329 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.687 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.912 0 Td (Veness,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.332 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.665 0 Td (Bellemare,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.306 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.862 0 Td (G.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.938 -1.428 Td [(Gra)89 (ves,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.444 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.877 0 Td (Riedmiller,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.357 0 Td (M.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.053 0 Td (Fidjeland,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.823 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.65 0 Td (K.)Tj /T1_2 1 Tf 1.163 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.744 0 Td [(Ostr)22 (o)22 (vski,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.933 0 Td (G.)Tj /T1_2 1 Tf 1.17 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.744 0 Td (Petersen,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.516 0 Td [(S)-1 (.)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.675 0 Td [(Bea)67 (ttie,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf -39.15 -1.428 Td (C.)Tj /T1_2 1 Tf 1.106 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.624 0 Td (Sadik,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.497 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.757 0 Td (Antonoglou,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.016 0 Td (I.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.349 0 Td (King,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.11 0 Td (H.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.757 0 Td (Kumaran,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.356 0 Td (D.)Tj /T1_2 1 Tf 1.148 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.624 0 Td (Wierstra,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.543 0 Td (D.)Tj /T1_2 1 Tf 1.148 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.624 0 Td (Legg,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.234 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.276 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.957 0 Td (Has-)Tj -41.124 -1.428 Td (sabis,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.208 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.577 0 Td (\(2015\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.484 0 Td [(Human-lev)28 (el)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.901 0 Td [(con)28 (trol)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.458 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.875 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.428 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.379 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.209 0 Td [(Natur)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.66 0 Td (518)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.153 0 Td (\(7540\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.332 -1.428 Td (529{533.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -2.143 -1.428 Td ([34])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(R)29 (odrigues)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.604 0 Td (Gomes,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.968 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.415 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.965 0 Td [(K)29 (o)23 (w)88 (alczyk,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.362 0 Td (R.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.472 0 Td (\(2009\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.41 0 Td (Dynamic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.256 0 Td (Analysis)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.032 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.159 0 Td [(Multiagen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.132 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.775 -1.428 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.232 0 Td (E)Tj /T1_2 1 Tf 0.796 0 Td (-greedy)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.484 0 Td (Exploration.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.721 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.204 0 Td [(Pr)51 (o)51 (c)51 (e)51 (e)52 (dings)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.3 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.133 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.618 0 Td (26th)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.182 0 Td [(A)26 (nnual)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.46 0 Td (International)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.03 0 Td [(C)1 (onfer)51 (enc)51 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.132 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.389 0 Td (Machine)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.68 -1.428 Td [(L)51 (e)51 (arning)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.42 0 Td (ICML)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.959 0 Td ('09,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.25 0 Td [(Y)83 (ork,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.697 0 Td (NY,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.112 0 Td (USA:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.666 0 Td [(A)28 (CM,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.972 0 Td (pp.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (369{376.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -25.831 -1.428 Td ([35])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(R)29 (oth,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.237 0 Td (A.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.44 0 Td (E.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.327 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.877 0 Td (Erev,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.141 0 Td (I.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.991 0 Td (\(1995\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.322 0 Td (Learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.116 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.098 0 Td [(extensiv)27 (e-form)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.607 0 Td [(game)-1 (s:)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.216 0 Td [(Exp)-28 (erimen)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.144 0 Td (data)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.211 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.877 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.604 -1.428 Td (dynamic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.028 0 Td [(mo)-28 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.366 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td [(in)28 (termediate)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.808 0 Td (term.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.67 0 Td (Games)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.329 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.942 0 Td [(e)52 (c)51 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.344 0 Td [(b)51 (ehavior)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.202 0 Td (8)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.908 0 Td (\(1\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (164{212.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -37.519 -1.428 Td ([36])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Salcedo,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.844 0 Td (B.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.423 0 Td (\(2015\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (Pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.462 0 Td [(Algorith)1 (m)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.202 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td [(T)83 (acit)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.583 0 Td (Collusion.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -24.99 -1.428 Td ([37])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (Shoham,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.677 0 Td (Y.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.883 0 Td [(Po)22 (wers,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.651 0 Td (R.)Tj /T1_2 1 Tf 1.12 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.75 0 Td [(Grena)22 (ger,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.859 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.579 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.083 0 Td (Others)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.139 0 Td (\(2007\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.528 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td [(m)27 (u)1 (lti-age)-1 (n)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.473 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.975 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.144 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.999 -1.428 Td [(answ)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.592 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.5 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.005 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (question?)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.45 0 Td [(A)26 (rti\fcial)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.231 0 Td [(intel)-51 (ligenc)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.493 0 Td (171)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (\(7\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td (365{377.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -29.084 -1.428 Td ([38])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td [(Sil)89 (ver,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.972 0 Td (D.)Tj /T1_2 1 Tf 1.148 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.766 0 Td (Huang,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.155 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.9 0 Td (Maddison,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.72 0 Td (C.)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.646 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.653 0 Td (Guez,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.385 0 Td (A.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.899 0 Td (Sifre,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.469 0 Td (L.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.769 0 Td [(v)89 (an)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.292 0 Td (den)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.337 0 Td [(Driess)1 (ch)-1 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.828 0 Td (G.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -41.938 -1.428 Td (Schrittwieser,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 8.08 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.656 0 Td (Antonoglou,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.17 0 Td (I.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.496 0 Td [(P)88 (an)-1 (neershel)89 (v)89 (am,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 9.014 0 Td (V.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.904 0 Td (Lanctot,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.183 0 Td (M.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.079 0 Td (Dieleman,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.598 0 Td (S.)Tj /T1_2 1 Tf 0.93 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -43.109 -1.428 Td (Grewe,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.391 0 Td (D.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.036 0 Td (Nham,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.774 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.773 0 Td (Kalchbrenner,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 8.287 0 Td (N.)Tj /T1_2 1 Tf 1.134 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.887 0 Td (Sutskever,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.226 0 Td (I.)Tj /T1_2 1 Tf 0.726 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.887 0 Td (Lillicrap,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.665 0 Td (T.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.993 0 Td [(Lea)22 (ch,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.023 0 Td (M.)Tj /T1_2 1 Tf 1.309 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -43.109 -1.428 Td [(Ka)89 (vuk)22 (cuoglu,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.499 0 Td (K.)Tj /T1_2 1 Tf 1.163 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.599 0 Td (Graepel,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.938 0 Td (T.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.427 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.933 0 Td (Hassabis,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.981 0 Td (D.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.47 0 Td (\(2016\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.377 0 Td [(Maste)-1 (r)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.691 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.71 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.6 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.127 0 Td (Go)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.607 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.266 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.389 -1.428 Td (neural)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.058 0 Td [(net)28 (w)27 (orks)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.203 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (tree)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.003 0 Td [(searc)28 (h.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.314 0 Td [(Natur)51 (e)]TJ /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.565 0 Td (529)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (\(7587\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (484{489.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -25.678 -1.428 Td ([39])Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.143 0 Td (|)Tj /T1_2 1 Tf 1.106 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.776 0 Td [(Huber)67 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.563 0 Td (T.)Tj /T1_2 1 Tf 1.105 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.776 0 Td (Schrittwieser,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 8.086 0 Td (J.)Tj /T1_2 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.663 0 Td (Antonoglou,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.176 0 Td (I.)Tj /T1_2 1 Tf 0.726 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.776 0 Td (Lai,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.469 0 Td (M.)Tj /T1_2 1 Tf 1.309 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.776 0 Td (Guez,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.395 0 Td (A.)Tj /T1_2 1 Tf 1.134 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.776 0 Td (Lanctot,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.189 0 Td (M.)Tj /T1_2 1 Tf 1.309 0 Td (,)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1041 0 obj <>stream H\]0{3;p*8p}FWmo4'o͏h2w]SWߖ7$zwmo}钣;tʤCQ^n:up]sj;Vyߓeݗr'_\_7尛_kRqu_wq͐X[/%0y@%2Vȸܵ+JM'oB,vnE[,;;BYO?FqX * !A86EEK*Rɠ4a Y|iXh-%aɖCa)=醁IG#Hz$=2cG2#9=IGѣQ(z=EGѣ/q %cGѣG1hz4=MGG/@Gӣhz4Gc1c¿c1c1z =Cccca,=Kcxn>T>TKjFjƟbFj.#5#5T_olǓ?\rMy{+.,R7. O֍ endstream endobj 1042 0 obj [639.7 565.6 517.7 444.4 405.9 437.5 496.5 469.4 353.9 576.2 583.3 602.6 494 437.5 570 517 571.4 437.2 540.3 595.8 625.7 651.4 622.5 466.3 591.4 828.1 517 362.8 654.2 1000 1000 1000 1000 277.8 277.8 500 500 500 500 500 500 500 500 500 500 500 500 277.8 277.8 777.8 500 777.8 500 530.9 750 758.5 714.7 827.9 738.2 643.1 786.3 831.3 439.6 554.5 849.3 680.6 970.1 803.5 762.8 642 790.6 759.3 613.2 584.4 682.8 583.3 944.4 828.5 580.6 682.6 388.9 388.9 388.9 1000 1000 416.7 528.6 429.2 432.8 520.5 465.6 489.6 477 576.2 344.5 411.8 520.6 298.4 878 600.2 484.7 503.1 446.4 451.2 468.8 361.1 572.5 484.7 715.9 571.5] endobj 1043 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (39)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(div)27 (ersit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.023 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.161 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td [(comp)-27 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.806 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.165 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.493 0 Td [(fo)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.542 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (\frst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (issue,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.668 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.487 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.304 0 Td (considered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.838 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.862 0 Td [(go)-27 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.877 -1.438 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.62 0 Td (extensions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.67 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.658 0 Td [(mo)-27 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.136 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td [(al)1 (l)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.314 0 Td [(separately)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.8 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.108 0 Td (remaining)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.523 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.794 -1.438 Td (highly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.944 0 Td [(st)27 (ylized.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.793 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.422 0 Td [(pro)-27 (duce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.705 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.796 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td (realistic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.63 0 Td [(s)-1 (e)1 (tting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.195 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.476 0 Td (analysis,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.934 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.775 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.086 0 Td [(p)-28 (er)1 (haps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.658 0 Td [(p)-27 (osit)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.842 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.729 0 Td [(sev)28 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (\frms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.788 0 Td [(l)1 (onger)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.861 0 Td [(mem)1 (ory)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf [(p)-27 (ossibly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 19.371 0 Td [(structu)1 (ral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.749 -1.438 Td (breaks.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.392 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.474 0 Td (realistic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.676 0 Td [(en)27 (vironmen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.042 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td [(ho)27 (w)27 (ev)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (defy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.779 0 Td [(capacit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.888 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.141 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (simple,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.944 -1.438 Td (tabular)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.497 0 Td [(Q-lear)1 (ners.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.079 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.13 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.871 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.177 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.402 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.404 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.761 0 Td [(algorithm)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.915 0 Td (whose)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.958 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.822 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.282 -1.438 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.525 0 Td [(e\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.695 0 Td [(-)-403 (sa)27 (y)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.689 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.361 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.83 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.196 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td [(p)-28 (oin)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.635 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.061 0 Td (related)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.341 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.238 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.919 -1.438 Td [(men)27 (tioned)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.655 0 Td [(ab)-28 (o)28 (v)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.943 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.582 0 Td [(sp)-27 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.593 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.011 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.92 0 Td (Besides)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.374 0 Td (managing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.356 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.343 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.731 0 Td [(en)27 (vironm)1 (en)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.98 -1.438 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.294 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.763 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td [(indee)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.109 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.973 0 Td [(sp)-28 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.707 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.763 0 Td [(pro)-27 (cess.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.692 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.245 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.994 0 Td [(imp)-27 (ortan)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.906 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.632 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.579 -1.438 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.721 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.869 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.231 0 Td [(alw)27 (a)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.156 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (conducted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.7 0 Td [(en)28 (tirely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.557 0 Td (o\013-line,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.53 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.926 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td [(s)-1 (h)1 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.761 -1.438 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td [(exp)-27 (erimen)27 (tatio)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.172 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.895 0 Td [(costly)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.908 0 Td (On-the-job)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.888 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.664 0 Td [(see)1 (ms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.695 0 Td [(necessary)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.436 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.053 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.698 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.466 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.25 0 Td [(en)28 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.636 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.99 0 Td [(c)27 (hangeable,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.256 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td [(w)1 (hen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.562 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.705 0 Td [(en)27 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.637 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.214 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.747 0 Td (exactly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.893 -1.438 Td (re\rect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(realit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.046 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.704 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.829 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.847 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(ev)28 (en)27 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.677 0 Td [(deplo)27 (y)27 (ed.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -29.847 -1.855 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.096 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.081 0 Td [(wh)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.096 0 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td [(en)27 (viron)1 (men)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.045 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.151 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.26 0 Td (realistic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.679 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.013 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.151 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.008 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.013 0 Td (di\016cult)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.619 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.07 -1.438 Td (guess)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.654 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.535 0 Td [(sp)-27 (eci\fc)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.492 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.934 0 Td [(comp)-27 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.45 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td (using.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.921 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.31 0 Td [(thi)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.995 0 Td [(resp)-28 (ect,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.71 0 Td (here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.528 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.345 0 Td (re)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.8 -1.438 Td (stricted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.496 0 Td [(atten)27 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.17 0 Td (mostly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.142 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.654 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.097 0 Td [(self-pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.796 0 Td [(mo)-27 (de.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td [(r)1 (ealit)27 (y)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.192 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.457 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.587 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.621 0 Td [(di\013eren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.407 -1.438 Td (forms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.726 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.175 0 Td [(learning)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.053 0 Td [(an)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.932 0 Td [(Q)1 (-learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.869 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.875 0 Td [(themselv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.934 0 Td (come)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.53 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.17 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.407 -1.438 Td [(v)54 (arietie)1 (s)-1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.132 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.079 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.874 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.126 0 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.418 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.354 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (extend)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.201 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.701 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.091 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td [(hete)1 (ro)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.95 -1.438 Td (geneous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.705 0 Td [(algorith)1 (ms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.9 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td [(systematically)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.62 0 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.066 0 Td (robustness)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.858 0 Td (exercises)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.064 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.964 0 Td (direction)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.135 0 Td [(h)1 (a)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.011 -1.438 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.936 0 Td [(scratc)27 (hed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.33 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (surface)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.296 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (problem.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -14.051 -1.855 Td (Addressing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.078 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.542 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.772 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.02 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.163 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.396 0 Td [(imp)-27 (ortan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.66 0 Td (task)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.134 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.532 0 Td (future)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td [(w)28 (ork.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.7 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.98 0 Td [(whatev)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.224 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.408 0 Td (done)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td (left)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td (undone)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.503 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td (abstract,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.161 0 Td [(sk)27 (eptics)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.731 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td [(alw)27 (a)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.21 0 Td (doubt)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.904 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.197 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.923 0 Td (ac)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.691 -1.438 Td (tually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.88 0 Td (collude)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.396 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.221 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td (real)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.983 0 Td [(w)27 (orld.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.042 0 Td [(Ultimately)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.164 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.429 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.874 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.411 0 Td (decided)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.614 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.439 0 Td [(an)27 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.21 -1.438 Td (agencies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.914 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.005 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td (courts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.317 0 Td [(Unlik)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.174 0 Td [(acade)1 (mic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.344 0 Td [(sc)28 (holars,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.055 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.304 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.896 0 Td [(subp)-27 (o)-27 (ena)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.458 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.006 0 Td [(exten)1 (s)-1 (iv)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.26 -1.438 Td (test)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.864 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td (use,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td [(en)27 (vironmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.033 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.139 0 Td (closely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.15 0 Td (replicate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.989 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(sp)-27 (eci\fc)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.862 -1.438 Td (industry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.889 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.768 0 Td [(in)27 (v)28 (estigation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.01 0 Td (What)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.74 0 Td (academic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.237 0 Td [(researc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.978 0 Td (help)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td [(mak)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.549 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (preliminary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.019 -1.438 Td [(assessmen)27 (t:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.229 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.134 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.766 0 Td [(op)-27 (ening)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.684 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.221 0 Td [(in)27 (v)28 (estigations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.143 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.996 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.829 0 Td [(w)27 (aste)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.71 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (resources,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.483 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.591 -1.438 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.657 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.852 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.086 0 Td [(m)1 (an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.636 0 Td (false)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td [(p)-27 (ositiv)27 (es,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.25 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.348 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.092 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.305 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(\fgh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td [(collusio)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.001 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.112 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (age)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (Arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.106 0 Td [(In)27 (telligence.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.439 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.235 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(con)27 (tribution)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.576 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (direction.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1044 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (38)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.454 0 Td [(amoun)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.563 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.704 0 Td [(mo)-27 (del.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.62 -1.855 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.971 0 Td (considered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.799 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.694 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.686 0 Td (\030)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.292 0 Td (10%,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.401 0 Td [(bu)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.802 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.326 0 Td [(\rexibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.943 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.16 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.41 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.233 0 Td [(-)-343 (b)-28 (elo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.461 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.672 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td [(ab)-27 (o)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.792 0 Td [(monop)-28 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.532 0 Td [(-)-344 (turns)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.249 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.758 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td (immaterial.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.044 -1.438 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.814 0 Td (surprising,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.872 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.63 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.195 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.761 0 Td [(pla)28 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.37 0 Td [(nev)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.685 0 Td [(con)27 (v)27 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.073 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.434 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.582 0 Td [(v)27 (e)1 (ry)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td [(lo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.842 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.27 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.119 -1.438 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.176 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.338 -3.396 Td (6.9.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 2.013 0 Td (Asymmetric)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.489 0 Td [(le)50 (arning)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.015 -2.368 Td (Going)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.838 0 Td [(bac)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.634 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.651 0 Td [(en)27 (vironmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.85 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.388 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.761 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.02 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.09 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.634 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.42 -1.438 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.179 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.783 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.674 0 Td (rates)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.32 0 Td (\013)Tj /T1_0 1 Tf 0.629 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.519 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(di\013eren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.783 0 Td [(in)28 (tensit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.925 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.036 0 Td [(exp)-27 (erimen)27 (tation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.455 0 Td (Collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.224 0 Td [(app)-27 (ears)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.645 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.356 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.492 0 Td [(rob)1 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.21 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.356 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td [(c)27 (hanges.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.055 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.913 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.266 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.718 0 Td (\013)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 362.001 522.013 Tm (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 372.54 523.806 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.356 0 Td (0.05)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.355 0 Td (0.25)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.39 0 Td (\013)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 528.067 522.013 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 506.615 Tm [(constan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.906 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.152 0 Td (0.15,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.296 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.465 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.622 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.078 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.941 0 Td (82%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.099 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.268 0 Td (cases.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.687 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.268 0 Td (cases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.687 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.024 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.035 -1.438 Td [(lo)27 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.585 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (gains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.536 0 Td [(mo)1 (re,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td (suggesting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.772 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (setting)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.244 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.955 0 Td [(=)-326 (0)]TJ /T1_3 1 Tf 1.577 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td [(giv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.427 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(m)27 (uc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td [(w)28 (eigh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.129 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.254 -1.438 Td (information.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.082 0 Td [(halv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.219 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.023 0 Td (doubled)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.818 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.648 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.234 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.053 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.615 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.579 0 Td [(only)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.457 0 Td [(k)27 (eeping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.655 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.712 -1.438 Td (\fxed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.355 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.185 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.886 0 Td [(=)-278 (4)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.727 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.976 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9701 0 0 7.9701 176.135 437.21 Tm (\000)Tj /T1_5 1 Tf (6)Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 187.454 432.872 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.587 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td (cases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.719 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.052 0 Td (reduces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.476 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.497 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.653 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.784 0 Td [(on)1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.119 -1.438 Td [(marginally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.044 0 Td (remaining)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.554 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.971 0 Td [(ab)-27 (o)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.76 0 Td (75%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.378 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.998 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.445 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td (explores)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.772 0 Td [(mo)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.433 0 Td [(underp)-27 (erforms.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -31.462 -1.855 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.816 0 Td (highly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td (preliminary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.231 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.094 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.478 0 Td (situations)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.454 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.783 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.844 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.83 0 Td [(follo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.81 0 Td (di\013er)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.411 -1.438 Td [(en)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.661 0 Td [(learn)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.755 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.906 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.142 0 Td [(strate)1 (gies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.363 0 Td (suggest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.44 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td [(div)28 (ersit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.978 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.157 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.849 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.061 -1.438 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td [(signi\fcan)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.446 0 Td (a\013ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (degree)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.046 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(co)1 (llusion.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -0.158 -2.958 Td (7.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 279.647 323.764 Tm (CONCLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 295.45 Tm [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.661 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.233 0 Td [(sho)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.945 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.096 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td (stationary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.631 0 Td [(en)27 (vironmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.991 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.816 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.239 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.823 0 Td [(system)1 (ati)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -33.552 -1.438 Td (cally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.248 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (collude.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.526 0 Td (Collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.239 0 Td (tends)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.269 0 Td (partial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.091 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.84 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.92 0 Td (sustained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.244 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.245 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.196 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.102 0 Td (defection.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.42 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.999 0 Td [(pun)1 (ishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.295 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.971 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.102 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.489 0 Td (duration,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.23 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.216 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.803 0 Td (gradual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.523 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.979 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td (pre-deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.312 -1.438 Td (prices.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.034 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.995 0 Td [(algo)1 (rithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.829 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.431 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.104 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.49 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.345 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.343 0 Td [(tri)1 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.104 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.887 0 Td (error,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.648 0 Td (requiring)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.144 0 Td [(n)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.342 0 Td (prior)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.875 -1.438 Td [(kno)27 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.66 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.044 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.614 0 Td [(en)27 (vironme)1 (n)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.558 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.729 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.132 0 Td [(op)-27 (erate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.709 0 Td (They)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.457 0 Td [(lea)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.289 0 Td (trace)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.376 0 Td [(whatev)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.117 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.044 0 Td (con)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.148 -1.438 Td (certed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td (action:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.247 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(comm)27 (unicate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.995 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td [(anot)1 (her,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.899 0 Td (nor)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.296 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td (designed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.292 -1.438 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (instructed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.63 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (collude.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -7.022 -1.855 Td [(F)82 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.54 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td [(standp)-27 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.872 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.086 0 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.382 0 Td [(p)-27 (olicy)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.044 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td (\fndings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.621 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.076 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.098 0 Td (ring)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.983 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.786 0 Td [(b)-27 (ell.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td (They)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.74 -1.438 Td (suggest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.41 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.093 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.658 0 Td [(adv)27 (en)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.154 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.087 0 Td (Arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.078 0 Td [(In)27 (telligence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.139 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.14 0 Td (pricing,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.508 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td [(co)1 (llu)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.603 -1.438 Td (sion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.017 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(b)-27 (ecome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.507 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.447 0 Td [(pre)1 (v)54 (alen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.514 0 Td [(heigh)28 (tening)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.248 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.685 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.881 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.12 0 Td [(toleran)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td [(an)28 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.056 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.882 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.149 -1.438 Td [(pro)-27 (duce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td [(to)-28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td (false)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.208 0 Td [(negativ)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.248 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td [(p)-27 (ossibly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.765 0 Td (calling)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.884 0 Td [(adjustmen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -28.913 -1.855 Td [(Ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.235 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.468 0 Td [(researc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.806 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.004 0 Td (needed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.284 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (con\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.556 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td (external)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.8 0 Td [(v)55 (alidit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.528 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.135 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.76 0 Td (\fndings.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.942 0 Td (Three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.44 -1.438 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.717 0 Td (stand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.651 0 Td (out:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.992 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td (realism)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.358 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.224 0 Td [(en)28 (vironmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.881 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td [(sp)-27 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.678 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.095 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.005 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.885 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1045 0 obj <>stream H\͏@m3/l%#hI*ă}algF?gou')ONU]vܺ'GLIRVE?p*.y;-}}j3 [;/~kݓU]Uym5o/Sֶ}[.?[EauO$ސ6/|g?2y. a7*M,S'Cf9%!!c˲ Xǐ10|aX1|eX3l ;2УQEGѣQ(z=EG#=B#=B#=B#=BУGǠ[ AB^1УNcGӣhz4=Mp} p} =Cz =Cc1z,=KcXz,=KcXz=ϰoNۣ؇ґHu:RTG#ՑHu:R.'''''UTU ۿ>stream H\͋@"fyqEpu-c2@MBN&yK>3K𱫴'.ٱЯ7x/3˾:Ӊӱ<׮'O>/IO{[a?{_[íi$|U|dͷy\t,_'24^y]kͪN^tV.aU|`*S'kav5%1~>H E =283Òaʰa21Tʠ"Ω=(z=EG-ss (z=EGQ˸YB#=B#GzGz4=z؟ĐQӣn}Gӣhz4=Mc1Cc?Cc1z =KcXz,=KcXz,=Gx\>RG k tOXG >stream H\n0 HC4iN*hMe/@!8Qe9ᷝ!7uϒתzVF;)`&ZQMi(ŭMƑ@=)89{f;^iipYϏ;y=Ѐ'{JV6,9[a΃ϛ&!TW+ц-8B?X`u/!BS=BB8 9$X,@aIDXHD=x3f!#Iľq*-85}j\_ \28}cmk1? endstream endobj 1050 0 obj [826.4 295.1 413.2 413.2 531.3 826.4 295.1 354.2 295.1 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 295.1 295.1 295.1 826.4] endobj 1051 0 obj <>stream H\͎0=Tǎ[iPQiڪ @b(R Qo_‚;'q2|:fݟѯXۦ㥯c};huԇu7v{6x;ӹO渉&n}}+Vo'y,}u!Pl۹ۺ>b7ʼdz.,>°⩰ױ巻83.³ݤ׳ei<_o9Lӱfy μrXP( T<8|ÄÔÌ{J챖{,{,{,{lX>XѲDzDZDZDZDZDZDZDZDZ?=====q쩷S'I#4'I#JI#T>stream H\ߊ@{w"&wAR b2@MB}'ߩ˩p>stream /Artifact <>BDC q 1 0 0 1 79.2 102.314 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q q 1 0 0 1 524.118 394.01 cm 0 G 0.478 w 0 J []0 d 0 0 m 4.234 0 l S Q q 1 0 0 1 193.523 459.809 cm 0 G 0.478 w 0 J []0 d 0 0 m 5.853 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (37)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td (principle,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.406 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (impact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.373 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td [(c)27 (hanges)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.732 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.251 0 Td [(substitutabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.974 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.469 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(lik)27 (eliho)-27 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.57 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td [(collu)1 (s)-1 (io)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.14 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.286 -1.438 Td [(am)27 (biguous:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.038 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.252 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.577 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (hand,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.612 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.949 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.524 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.34 0 Td (substitutable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.778 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.577 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.999 -1.438 Td (increases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.364 0 Td [(b)1 (ut)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.455 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.31 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.334 0 Td (harsher.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.76 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.237 0 Td [(am)28 (biguit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.598 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (con\frmed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.752 -1.438 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.842 0 Td [(literature)1 (.)]TJ EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 224.225 653.611 Tm (43)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 627.101 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.316 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td (setting,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.58 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.534 0 Td (test)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.002 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td (consequences)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.006 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(c)27 (hanging)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.2 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.771 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.008 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.405 0 Td (0.25)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.16 0 Td (\(baseline\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.802 -1.438 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.44 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.221 0 Td (0.5)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.603 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.929 0 Td [(do)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.609 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (0.01,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td [(wh)1 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.853 0 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.083 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.657 0 Td (almost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.186 0 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td (substitutes.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.264 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.757 -1.438 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.638 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.094 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.227 0 Td [(sligh)27 (tl)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.405 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.529 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.888 0 Td (decreases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.499 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.768 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.529 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.03 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.605 0 Td (almost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.004 -1.438 Td (substitutes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.966 0 Td (\()Tj /T1_4 1 Tf (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.248 0 Td [(=)-278 (0)]TJ /T1_4 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (01\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.958 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.98 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (80%.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -4.426 -3.308 Td (6.7.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 2.013 0 Td [(Line)50 (ar)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.126 0 Td (demand)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.89 -2.339 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.747 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.748 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.558 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.747 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.133 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td [(duop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.814 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.292 0 Td (linear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.781 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.76 0 Td (functions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.283 0 Td [(deri)1 (v)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.842 -1.438 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (quadratic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.379 0 Td [(utilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.938 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (Singh)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.72 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(Viv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.644 0 Td [(\(1984)1 (\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.046 0 Td [(t)27 (yp)-27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.309 -2.168 Td (1)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -9.563 -0.677 Td (\(11\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 3.5 0 Td (u)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.835 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.039 0 Td (q)Tj /T1_3 1 Tf 7.9701 0 0 7.9701 148.642 455.027 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 156.031 456.82 Tm (+)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.984 0 Td (q)Tj /T1_3 1 Tf 7.9701 0 0 7.9701 172.983 455.027 Tm (2)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 11.9552 0 0 11.9552 180.372 456.82 Tm (\000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (\()Tj /T1_4 1 Tf (q)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 210.314 453.864 Tm (1)Tj EMC /StyleSpan <>BDC 0.054 0.99 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 218.132 456.82 Tm (+)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.984 0 Td (q)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 235.083 453.864 Tm (2)Tj EMC /StyleSpan <>BDC 0.054 0.99 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 240.244 456.82 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.603 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td [(\r)-54 (q)]TJ /T1_3 1 Tf 7.9701 0 0 7.9701 271.321 455.027 Tm (1)Tj /T1_4 1 Tf 11.9552 0 0 11.9552 276.053 456.82 Tm (q)Tj /T1_3 1 Tf 7.9701 0 0 7.9701 281.243 455.027 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 193.523 448.619 Tm (2)Tj EMC /P <>BDC -9.563 -1.942 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.551 0 Td [(v)55 (arious)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.405 0 Td [(v)55 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.97 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(horizon)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.65 0 Td [(di\013eren)27 (tia)1 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.363 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.733 0 Td (\r)Tj /T1_0 1 Tf 0.562 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.653 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.066 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.563 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.72 0 Td [(g)1 (ain)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.025 0 Td (non)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (monotone)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.555 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.182 0 Td (\r)Tj /T1_0 1 Tf 0.562 0 Td (:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.638 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.02 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.024 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.026 0 Td [(ab)-27 (o)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.815 0 Td (80%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.161 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.597 0 Td (\r)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.025 0 Td [(b)-27 (elo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.814 0 Td (0)Tj /T1_4 1 Tf (:)Tj /T1_0 1 Tf (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.618 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td [(ab)-27 (o)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.815 0 Td (0)Tj /T1_4 1 Tf 0.489 0 Td (:)Tj /T1_0 1 Tf (9)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (\(when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.978 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.041 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.615 0 Td (fairly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.54 0 Td [(go)-27 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.377 0 Td [(substi)1 (tutes\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.33 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td [(reac)27 (hes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.389 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.799 0 Td [(minim)27 (um)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.362 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.099 0 Td (65%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td [(w)1 (hen)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.539 0 Td (\r)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.872 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.968 0 Td (around)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 524.118 395.729 Tm (3)Tj EMC /StyleSpan <>BDC 0 -1.108 TD (4)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 529.548 391.022 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.67 -1.438 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.969 0 Td [(impulse-resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.508 0 Td [(fun)1 (ctions)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.178 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.589 0 Td (almost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.117 0 Td [(iden)27 (tical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.901 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td [(observ)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.988 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.187 0 Td (logit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.187 0 Td (demand.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.297 -1.438 Td (Other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.912 0 Td [(alternativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.979 0 Td (demands)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.169 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.695 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.047 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td (tested,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.243 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td (course,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.353 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.939 0 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.205 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.111 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (robust)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.051 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.699 0 Td [(sp)-27 (eci\fcation.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -0.594 -3.308 Td (6.8.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 2.013 0 Td (Finer)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.701 0 Td [(discr)50 (etization)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.496 -2.339 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.421 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.401 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.791 0 Td (notes,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.809 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td [(wh)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.661 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.973 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.391 0 Td (dilemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.946 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.096 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.791 0 Td (misleading)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.423 -1.438 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.109 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.579 0 Td [(an)1 (alysis)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.008 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.924 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.877 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.014 0 Td [(co)-27 (ordination)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.577 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.877 0 Td [(m)27 (uc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.504 0 Td (easier)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.618 0 Td [(whe)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.395 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.525 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.119 -1.438 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.614 0 Td (actions.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.528 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.256 0 Td [(only)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.271 0 Td [(fo)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.428 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.017 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.435 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.916 0 Td (basically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.936 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.728 0 Td [(w)27 (a)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.918 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td [(co)-27 (op)-27 (erate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.689 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.401 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td [(n)27 (um)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.518 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.86 0 Td (hence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.675 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.318 0 Td (increases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.317 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.741 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.316 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.468 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.775 0 Td [(pla)27 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.386 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.195 0 Td [(co)-27 (ordinate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.903 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.449 0 Td (longer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td [(self-eviden)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.507 0 Td [(F)82 (ailing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td [(explic)1 (it)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.543 0 Td [(comm)28 (unication,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.17 -1.438 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.612 0 Td (engender)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.134 0 Td (misunderstandings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.285 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(prev)27 (en)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.509 0 Td [(co)-27 (op)-27 (eration.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.353 -1.855 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.465 0 Td (determine)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.592 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.776 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.84 0 Td [(ric)27 (her)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.77 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.809 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td [(facilitate)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.461 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.219 0 Td [(imp)-27 (edes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.81 0 Td [(co)-27 (op)-27 (eration,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.626 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.465 0 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.473 -1.438 Td [(exp)-27 (erimen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.468 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td (50)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.301 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (100)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (feasible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.047 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.932 0 Td (15.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.573 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.008 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.504 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.661 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.117 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.011 -1.438 Td [(sligh)27 (tly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.662 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.834 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.268 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.105 0 Td (100)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.834 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.018 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.023 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.948 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.855 0 Td [(substan)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.027 0 Td [(70%)1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.431 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.725 0 Td (conjecture)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.743 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.16 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.014 -1.438 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.696 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.891 0 Td [(lar)1 (ger)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.848 0 Td [(n)28 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.637 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.397 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.978 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.859 0 Td (necessitates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.367 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.522 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.214 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.271 0 Td [(ac)28 (hiev)27 (e)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (43)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.708 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.107 0 Td [(T)28 (y)28 (agi)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.718 0 Td (\(1999\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.024 0 Td [(s)-1 (h)1 (o)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.786 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 2.079 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.307 0 Td [(substitutabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.924 0 Td (hinders)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.421 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.029 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.524 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.691 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.919 0 Td [(lin)1 (e)-1 (ar)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.084 -1.2 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td [(conca)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.694 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.833 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.836 0 Td (hinder)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.115 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td (facilitate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.139 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td [(w)-1 (h)1 (e)-1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.612 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.778 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.005 0 Td [(c)-1 (on)28 (v)28 (ex.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 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1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.06401 0 0 1.06401 76.1845957 433.5101906 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 91.475 425.5 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.087 0 Td (8:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td [(Av)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.393 0 Td (drop)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.285 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (non)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (deviating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.27 0 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.047 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (deviation.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -32.701 -3.452 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.904 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.886 0 Td [(=)-278 (4)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.751 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 157.15 388.563 Tm (\000)Tj /T1_6 1 Tf (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 168.469 384.225 Tm (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 6.597 -3.49 Td (6.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.013 0 Td [(Numb)50 (er)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.665 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.15 0 Td (players)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.891 -2.4 Td (Theory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.402 0 Td (predicts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.706 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.033 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.986 0 Td [(harde)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.102 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (sustain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.331 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.558 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.32 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.986 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.45 0 Td [(fragmen)28 (ted.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.883 -1.438 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.249 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.2 0 Td [(wh)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.216 0 Td [(an)27 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.207 0 Td (authorities)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.051 0 Td (regulate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.902 0 Td (mergers:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.071 0 Td (apart)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.761 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (unilateral)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.5 0 Td (e\013ects,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.336 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.78 0 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.684 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.215 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.543 0 Td [(c)1 (oncen)27 (trated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.886 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.798 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.216 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.426 0 Td [(conduciv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.609 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -2.284 -1.855 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.036 0 Td [(exp)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.871 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.321 0 Td [(pro)28 (vides)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.89 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td [(supp)-28 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.647 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.52 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.933 0 Td (thesis,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td [(sho)28 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.755 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.621 -1.438 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.409 0 Td [(comm)28 (unication)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.781 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.934 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.939 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.104 0 Td [(di\016c)1 (ult)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.451 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.403 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.979 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (collude.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.766 -1.438 Td [(agen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.252 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.735 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.588 0 Td [(t)27 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.954 0 Td [(prett)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.894 0 Td (close)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.152 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.627 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.611 0 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.423 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.86 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.038 -1.438 Td (four)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.024 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td [(lo)27 (w)27 (er.)]TJ EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 307.532 192.842 Tm (40)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 166.332 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.948 0 Td [(resp)-27 (ect,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.661 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.88 0 Td [(algo)1 (rithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.885 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.895 0 Td [(app)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.276 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.371 0 Td [(di\013eren)27 (t)1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.172 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td [(sim)27 (ulations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.19 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.037 -1.438 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.629 0 Td (\frms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.852 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.813 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.635 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.792 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.248 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.269 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.381 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.439 0 Td (85%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.248 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.323 0 Td (64%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.656 0 Td (four)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.167 0 Td [(agen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.972 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.809 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.788 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.244 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.032 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.939 0 Td [(substan)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.111 0 Td (56%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.516 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.134 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.054 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.244 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.265 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.377 0 Td (accords)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.61 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.352 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.932 0 Td [(prediction)1 (s)-1 (;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.372 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.022 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.212 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td [(decrea)1 (s)-1 (e)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.343 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.293 0 Td [(slo)27 (wly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.034 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.876 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.906 0 Td [(p)-28 (ecu)1 (liar)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.816 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (40)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm (See)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.721 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.473 0 Td (instance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.838 0 Td [(Huc)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.527 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.109 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.333 0 Td (\(2004\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.333 0 Td (Co)Tj EMC /P <>BDC 1.249 0 Td [(op)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.197 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.887 0 Td [(Kh)28 (un)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.693 0 Td (\(2014\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.055 0 Td (stress)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.684 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.666 0 Td [(imp)-28 (ortance)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.196 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.083 0 Td [(comm)28 (unication)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.891 -1.2 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (sustain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.401 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.116 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (lab.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm1 Do Q EMC endstream endobj 1133 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (30)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.18192 0 0 1.18192 79.2 439.651 cm 0 G /Fm0 Do Q q 1.18192 0 0 1.18192 83.102 162.007 cm 0 G /Fm1 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 141.933 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.057 0 Td (5:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (Prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.872 0 Td (\(top\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.473 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.874 0 Td (Pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.144 0 Td [(\(b)-28 (ottom\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.187 0 Td (impulse)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.565 0 Td [(resp)-28 (o)1 (nse,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.195 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_3 1 Tf [(;)-167 (\f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td [(=)-278 (4)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.69 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.939 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 498.178 146.271 Tm (\000)Tj /T1_6 1 Tf (6)Tj EMC /P <>BDC /T1_3 1 Tf 11.9552 0 0 11.9552 509.497 141.933 Tm [(;)-167 (\016)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.18 -1.208 Td (0)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (95.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm2 Do Q EMC endstream endobj 1134 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 114.269 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (29)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (tend)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td [(disapp)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.439 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.025 0 Td [(b)-27 (ecome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.508 0 Td [(short-sigh)27 (ted.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.811 -1.855 Td [(T)82 (urning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.697 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.168 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.658 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.044 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.087 0 Td (memoryless)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.232 0 Td (algorithms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.091 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.413 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.93 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.637 0 Td (gains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.479 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.087 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.256 0 Td (5%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.433 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td (almost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.229 0 Td [(ne)1 (gligible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.419 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.972 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.428 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.808 0 Td [(v)54 (anish)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.093 0 Td (altogether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.692 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.202 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.69 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.808 0 Td (discretization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.111 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.152 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.767 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.596 0 Td (implies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td (one-shot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.903 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.155 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.175 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.776 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.312 0 Td [(appro)27 (x)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.677 -1.438 Td (imated.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (All)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.517 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.029 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.91 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.034 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.6 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.361 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.035 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td (one-shot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.108 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.47 0 Td [(th)1 (is)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.285 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.579 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.088 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.008 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.579 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.891 0 Td (game.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.721 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.871 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.097 0 Td [(d)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.014 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.197 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.073 -1.438 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.695 0 Td [(ot)1 (her)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.694 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.462 0 Td (exist,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.728 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(m)28 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.564 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.471 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.76 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.342 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td (learned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.565 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.587 0 Td (sophisticated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.382 -1.438 Td (strategies.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 0 -3.098 TD (5.6.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.774 0 Td (Deviations)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.863 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.9 0 Td (punishments)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -9.537 -2.436 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.41 0 Td [(lo)-27 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.09 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.008 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.331 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.601 0 Td (structured,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.978 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.41 0 Td [(p)-27 (erturb)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.532 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.655 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.216 0 Td (once)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.655 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.514 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td [(com)1 (pleted.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.036 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.534 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.343 0 Td [(up)-27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.561 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.499 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.528 0 Td (step)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.158 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.99 0 Td [(man)27 (ually)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.329 0 Td [(o)27 (v)27 (erride)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.813 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.882 0 Td [(agen)28 (t's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.973 -1.438 Td [(c)27 (hoice,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.188 0 Td (forcing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.242 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (defect.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.134 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.692 0 Td [(imp)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.302 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.553 0 Td (lasting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.166 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.502 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.823 0 Td [(singl)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.731 0 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.052 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.472 -1.438 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.913 0 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.498 0 Td (lasting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.11 0 Td [(sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.165 0 Td [(p)-27 (erio)-28 (ds;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.655 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.498 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.261 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.147 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.636 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.622 0 Td [(b)-27 (est-resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.004 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.363 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (smaller)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.384 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td (cuts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.35 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.121 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td (cases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.736 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.446 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.236 0 Td (examine)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.841 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.692 0 Td (reaction)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.759 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.121 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.317 0 Td [(agen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.242 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(subsequen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.016 0 Td [(p)-27 (erio)-27 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.704 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(w)27 (ord,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.692 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.441 0 Td [(deriv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.883 0 Td [(impulse-resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.551 0 Td (functions.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -28.156 -1.855 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.012 0 Td (5)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.741 0 Td [(sho)28 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.736 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.611 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.433 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.611 0 Td [(impulse-resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.475 0 Td [(f)1 (unctions)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.145 0 Td [(deriv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.352 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.07 0 Td (exercise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.548 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.774 -1.438 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.37 0 Td (1000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.295 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td [(represen)27 (tativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.298 0 Td [(exp)-27 (erimen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.368 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td [(sho)28 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.822 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td [(c)28 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.143 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.37 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.417 -1.438 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.027 0 Td (\034)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.866 0 Td [(p)-27 (erio)-27 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.436 0 Td [(a)1 (fter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.315 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.689 0 Td (deviation.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.545 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (particular)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.518 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.982 0 Td (depicts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.326 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.689 0 Td [(ev)27 (olution)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.246 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.782 0 Td (\(top\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.765 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.916 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td [(\(b)-27 (ottom\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.228 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.146 0 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.65 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.486 0 Td [(one-p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.854 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.282 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.683 0 Td [(b)-27 (est-resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.214 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(pre-deviat)1 (ion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.957 0 Td (price.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.84 -1.855 Td [(Clearly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.709 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (exogenous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.774 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.388 0 Td (gets)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td [(p)1 (unished.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.529 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.13 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.427 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.102 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.859 0 Td [(a)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.32 0 Td (harsh)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.789 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.32 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.288 -1.438 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.652 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td (\(e.g.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.489 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.856 0 Td [(rev)27 (ersion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.181 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.711 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.696 0 Td [(equil)1 (ibrium\),)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.888 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.02 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.025 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.188 0 Td (tem)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.985 -1.438 Td [(p)-27 (orary:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.423 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td [(subsequen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.011 0 Td [(p)-27 (erio)-27 (ds,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.843 0 Td (gradually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.32 0 Td [(re)1 (turn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.987 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.335 0 Td (pre-deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.313 -1.438 Td [(b)-27 (eha)27 (vior.)]TJ EMC /Link <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 126.349 240.908 Tm (38)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 138.249 236.569 Tm (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (pattern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.4 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td (natural)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.346 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.415 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.039 0 Td [(T)1 (hese)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.753 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.766 0 Td [(exp)-27 (er)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.277 -1.438 Td [(imen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.716 0 Td [(widely)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.233 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (least)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.26 0 Td [(initially)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.777 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.949 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.825 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.302 0 Td [(di\016c)1 (ult)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.559 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (sustain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.299 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.867 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.819 0 Td (defection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.107 -1.438 Td (triggered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.134 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(p)-27 (ermanen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.896 0 Td [(switc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.024 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(on)1 (e-shot)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.922 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.175 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.851 -1.855 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.182 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.89 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.349 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.024 0 Td (harsh)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.712 0 Td [(en)1 (ough)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.412 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(mak)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.596 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.31 0 Td [(unpro\ftab)1 (le)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.534 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.065 -1.438 Td (illustrated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.78 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.458 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td [(ev)27 (olution)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.34 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.212 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.149 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.409 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td [(sho)-28 (c)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.796 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.239 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.185 0 Td (5)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.913 0 Td [(\(b)-27 (ottom\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.585 0 Td [(Eviden)27 (tly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.632 -1.438 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td (2's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.475 0 Td (retaliation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.733 0 Td [(wip)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.698 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td (1's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.475 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(v)28 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td [(p)-28 (erio)-27 (d:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.32 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.146 -1.438 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.256 0 Td [(incen)27 (tiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.107 0 Td [(compatibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.984 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td [(v)28 (eri\fed.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 103.111 Tm (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.785 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.65 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.788 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.229 0 Td [(ev)28 (en)28 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.84 0 Td (starts)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.854 0 Td (decreasing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.904 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.341 0 Td (\016)Tj /T1_2 1 Tf 0.482 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.674 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.346 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.149 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.202 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.01 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.593 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.865 0 Td (\031)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.16 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.896 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.068 0 Td [(w)28 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.835 -1.2 Td [(kno)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.167 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.447 0 Td [(s)-1 (cience)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.339 0 Td (literature.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (38)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.25 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.251 0 Td [(pri)1 (c)-1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.841 0 Td (stabilize)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.894 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.39 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.587 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.006 0 Td [(sligh)28 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.506 0 Td [(lo)28 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.614 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.333 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td [(p)1 (re)-1 (-d)1 (e)-1 (viati)1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.086 0 Td (one.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1135 0 obj <>stream /Artifact <>BDC q 1 0 0 1 186.1 94.325 cm 0 G 0.398 w 0 J []0 d 0 0 m 14.072 0 l S Q q 1 0 0 1 79.2 150.814 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (28)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.06401 0 0 1.06401 76.1845957 466.6867863 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 153.751 461.693 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.087 0 Td (4:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td [(Av)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (Pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td (Gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.4 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.495 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_3 1 Tf [(;)-167 (\f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td [(=)-278 (4)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.751 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 446.93 466.031 Tm (\000)Tj /T1_6 1 Tf (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 418.242 Tm (settings,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.873 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td [(p)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.595 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (question)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.896 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td [(in)27 (terpret)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.053 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (\fndings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.65 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.243 0 Td (terms.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -33.977 -1.855 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.989 0 Td [(resp)-27 (ect,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.702 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.191 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.555 0 Td [(di\013eren)27 (t.)]TJ EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 319.256 400.409 Tm (35)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 333.076 396.07 Tm (Consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.165 0 Td (\frst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.098 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.527 0 Td [(happ)-28 (ens)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.92 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.636 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.914 0 Td (get)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td [(short-sigh)27 (ted.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.198 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.154 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.884 0 Td [(sho)28 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.879 0 Td [(ho)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td [(gai)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.188 0 Td [(v)55 (aries)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.82 0 Td [(w)1 (ith)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.294 0 Td (\016)Tj /T1_0 1 Tf 0.471 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.67 -1.438 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.15 0 Td [(theoreti)1 (cal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.978 0 Td [(p)-27 (ostulate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.413 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td [(lo)27 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.695 0 Td [(discoun)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.032 0 Td (factors,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.597 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td [(patien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.483 0 Td [(pla)27 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.434 0 Td (\(or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td (else)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.413 -1.438 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.81 0 Td [(frequen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.839 0 Td [(in)27 (teraction\),)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.58 0 Td [(imp)-27 (ede)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.403 0 Td (collusion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.308 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.988 0 Td (largely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.186 0 Td [(supp)-27 (orted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.605 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.364 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.745 0 Td [(sim)28 (ulations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.426 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.254 -1.438 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.707 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.163 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.141 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.296 0 Td [(smo)-27 (othly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.29 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.728 0 Td [(discoun)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.936 0 Td (factor)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.843 0 Td (falls,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.359 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.946 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.598 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.82 0 Td [(=)-348 (0)]TJ /T1_3 1 Tf 1.6 0 Td (:)Tj /T1_0 1 Tf (35)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.619 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.289 -1.438 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td [(dropp)-27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.834 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td (80%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(mo)-27 (dest)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.406 0 Td (16%.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.982 -1.855 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.515 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td [(p)-27 (oin)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.93 0 Td [(ho)27 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.127 0 Td (something)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.784 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.778 0 Td (surprising)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.627 0 Td [(happ)-27 (ens:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.214 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.61 0 Td [(pro\f)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.766 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.148 -1.438 Td (starts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.803 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.648 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.274 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.87 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.327 0 Td (further.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.636 0 Td [(Altho)1 (ugh)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.396 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.777 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.057 0 Td (small,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.907 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td (runs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.253 0 Td [(coun)27 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.759 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.306 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.951 0 Td [(exp)-28 (e)1 (ctations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.045 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.345 0 Td [(\\parado)27 (x")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.842 0 Td (arises)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.786 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.732 0 Td [(c)27 (hanging)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.22 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td (a\013ects)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.134 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.118 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td [(relativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.516 0 Td [(v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (future)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td [(v)28 (ersus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td [(presen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.44 0 Td [(pro\f)1 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.358 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.83 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.998 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(e\013)1 (ectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.814 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.048 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.241 -1.438 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.761 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.297 0 Td (seen)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.092 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td [(equ)1 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.963 0 Td (\(4\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.814 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.766 0 Td (implies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.652 0 Td [(relativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.446 0 Td [(w)28 (eigh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.065 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.081 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.977 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.869 0 Td (old)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.635 -1.438 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.241 0 Td [(dep)-27 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.722 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.297 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.249 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.892 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.841 0 Td (\016)Tj /T1_0 1 Tf 0.471 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 270.307 206.331 Tm (36)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 282.42 201.993 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.16 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.724 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.753 0 Td (decrease)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.804 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.08 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.734 0 Td (tends)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.553 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.641 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td [(e\013ectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.77 0 Td [(sp)-28 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.688 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.677 0 Td [(up)-27 (dating,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.423 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.792 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (noted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.711 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.112 0 Td [(imp)-28 (ed)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.39 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.744 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.546 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.131 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.282 -1.438 Td [(extensiv)27 (e.)]TJ EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 129.016 171.95 Tm (37)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 141.037 167.611 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.016 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.746 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.051 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.826 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.724 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (abstract)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.742 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.838 0 Td (spurious)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.802 0 Td (e\013ect,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.786 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 143.271 Tm (35)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 139.656 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.058 0 Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.479 0 Td [(migh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.864 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.364 0 Td (due)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.892 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.726 0 Td (fa)Tj EMC /P <>BDC (ct)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.975 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.169 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.475 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.73 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.836 0 Td [(di\013eren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.951 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.336 0 Td [(mo)-28 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.253 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.947 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.783 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.91 -1.2 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.669 0 Td [(allo)27 (w)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.556 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td [(le)-1 (ar)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.504 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.502 0 Td [(e\013ectiv)27 (ely)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.862 0 Td [(t)1 (han)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.333 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.98 0 Td (studies.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 119.361 Tm (36)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 115.745 Tm [(Lo)-28 (osely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.662 0 Td [(sp)-28 (eaking,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.427 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.087 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.452 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.038 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.754 0 Td [(curren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.51 0 Td [(rew)28 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 3.345 0 Td (\031)Tj /T1_9 1 Tf 6.9738 0 0 6.9738 355.09 114.251 Tm (t)Tj /T1_2 1 Tf 9.9626 0 0 9.9626 358.598 115.745 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.644 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.976 0 Td (old)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.699 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.451 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.038 0 Td [(whatev)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.313 0 Td (infor)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -43.166 -1.2 Td (mation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.401 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.016 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.542 0 Td (included)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.012 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.177 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.734 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.992 0 Td (Q-matrix,)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.653 0 Td (Q)Tj /T1_9 1 Tf 6.9738 0 0 6.9738 322.2 102.296 Tm (t)Tj /T1_11 1 Tf 0.431 0 Td (\000)Tj /T1_7 1 Tf (1)Tj /T1_2 1 Tf 9.9626 0 0 9.9626 335.905 103.79 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.623 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.066 0 Td [(relativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.569 0 Td [(w)27 (eigh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.179 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.15 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.067 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.431 0 Td [(i)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.178 0 Td (a)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 6.9738 0 0 6.9738 190.681 95.757 Tm (\031)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 91.835 Tm (steady)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.144 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.451 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.891 0 Td (Q)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.068 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.041 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.005 0 Td (\013)Tj /T1_2 1 Tf 0.643 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.111 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1 0 Td (\016)Tj /T1_2 1 Tf 0.482 0 Td (\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 186.1 88.399 Tm (1)Tj /T1_11 1 Tf 0.569 0 Td (\000)Tj /T1_9 1 Tf (\016)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf -14.47 -0.801 Td (37)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.045 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.248 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.853 0 Td (emerges)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.748 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 2.572 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.777 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.967 0 Td [(v)28 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.159 0 Td (close)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.356 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.184 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.073 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.212 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.912 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.356 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.433 0 Td [(observ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.525 0 Td (another)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.631 0 Td [(\\parado)28 (x,")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.076 0 Td (i.e.,)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm1 Do Q EMC endstream endobj 1136 0 obj <>stream H\݊@s{-EL+]X7*H-7jb<;ins;8wOކ!^U{rDr}\q~]s~8iu5H-TC}+N,Ú% ztNxC]mn]Qh.n>{KxV. aUx4I*s~f>$]øGCO0 A1h`2/ a;y k3DOvғnHz$=IG#Wz$=2gG#Q(z=EGѣQ(z=*zd ᗬQhztf hz4=MGӣhMhz =&zLz =Cc1z =CcccXz,=KߌKc7ܜ鴴ffgefQ1DiP>*Ey{_KBy uau>j]va^+ׁ@ endstream endobj 1137 0 obj [647.8 600.1 519.3 476.1 519.8 588.6 544.1 422.8 668.8 677.6 694.6 572.8 519.8 668 592.7 662 526.8 632.9 686.9 713.8 756 719.7 539.7 689.9 950 592.7 439.2 751.4 1138.9 1138.9 1138.9 1138.9 339.3 339.3 585.3 585.3 585.3 585.3 585.3 585.3 585.3 585.3 585.3 585.3 585.3 585.3 339.3 339.3 892.9 585.3 892.9 585.3 610.1 859.1 863.2 819.4 934.1 838.7 724.5 889.4 935.6 506.3 632 959.9 783.7 1089.4 904.9 868.9 727.3 899.7 860.6 701.5 674.8 778.2 674.6 1074.4 936.9 671.5 778.4 462.3 462.3 462.3 1138.9 1138.9 478.2 619.7 502.4 510.5 594.7 542 557.1 557.3 668.8 404.2 472.7 607.3 361.3 1013.7 706.2 563.9 588.9 523.6 530.4 539.2 431.6] endobj 1138 0 obj <>stream H\O@6y_7٘X]S6="A< C|#7<32rK?:?.9Uцk}kù3%IQ)d|.\թXXܚx?_<>%8?"eܱۺ?>~*8ܚoKq(].Xδǵ"「*賾;1x/ k -+A (zfGѣQ(z=EGѣQ=B#=B#=B#=B#hz4=Z+ֿ(CGӣhz4=MGӣhz =c1z =Cc1z =KcXz,=KcXz,=G(at:RTG#ՑHu:RTG'Փ<=OG:?x$z ۿ>stream /Artifact <>BDC q 1 0 0 1 79.2 126.224 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (27)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 269.685 700.844 Tm (5.6.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Str)50 (ate)50 (gies)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.946 -2.352 Td (Let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (us)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td (turn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.127 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.147 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.638 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.066 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.313 0 Td (underpin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.085 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.637 0 Td [(do)-27 (cumen)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.445 0 Td [(non-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.061 -1.438 Td (outcomes.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.623 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td [(k)27 (ey)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.816 0 Td (question)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.801 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.224 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.828 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.773 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (algorithms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.15 -1.438 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.046 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td [(lear)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.713 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.698 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.683 0 Td [(eq)1 (uilibrium)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.222 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td [(gen)27 (uine)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.33 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.386 -1.438 Td (implications)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.55 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.907 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.383 0 Td (radically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.049 0 Td [(di\013eren)27 (t:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.185 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (former)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.179 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.048 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.898 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.528 -1.438 Td (smart)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.756 0 Td (enough,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.62 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.663 0 Td (latter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.642 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.098 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.18 0 Td [(a)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.608 0 Td [(already)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.621 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.793 0 Td (sense,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.762 0 Td [(\\to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.18 0 Td (smart.")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.517 0 Td [(A)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.39 0 Td [(tec)27 (hnology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.372 -1.438 Td [(adv)54 (ance)1 (s)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.384 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(for)1 (mer)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.128 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.072 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.809 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td [(lik)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.584 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (fade)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td [(a)27 (w)28 (a)27 (y;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.72 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (latter,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td [(w)27 (o)1 (rsen.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -34.45 -1.855 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.46 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td [(p)-28 (o)1 (in)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.875 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.025 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.167 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td (useful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.853 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td [(sp)-27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.786 0 Td (exactly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.418 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.493 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.487 0 Td (mean)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.657 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.405 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.349 0 Td [(F)82 (ollo)27 (w)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.856 -1.438 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (Harrington)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.098 0 Td (\(2017\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.384 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.507 0 Td (de\fne)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.894 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.098 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td (\\a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.371 0 Td (situation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.152 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.867 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.882 0 Td [(rew)27 (ard-)]TJ -34.704 -1.438 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.382 0 Td [(sc)27 (heme)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.423 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.269 0 Td [(co)-27 (ordinate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.888 0 Td [(the)1 (ir)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.412 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.071 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.569 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td [(purp)-28 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.751 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td [(pro)-27 (ducing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.669 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.89 0 Td (supra-)Tj -35.271 -1.438 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.323 0 Td [(o)1 (utcome.")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.696 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.467 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.467 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.003 0 Td (crucial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.173 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.003 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.249 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.07 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.221 0 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.814 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td [(w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.042 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.793 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.051 0 Td [(ac)27 (hiev)27 (ed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.284 0 Td [(Ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.528 0 Td (extremely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.582 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.244 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td [(l)1 (ev)27 (els)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.683 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.189 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.936 -1.438 Td (regarded)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.009 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.187 0 Td [(collusiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.906 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.132 0 Td (insofar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.171 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.187 0 Td (deviations)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.64 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.617 0 Td (pro\ftable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.39 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.671 0 Td (short)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.491 0 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.411 -1.438 Td (trigger)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.155 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(punishmen)28 (t.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.972 -1.855 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.441 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.834 0 Td [(algorith)1 (ms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.838 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.719 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.353 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.441 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (collude)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.311 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.977 0 Td (suggested)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.41 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.352 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.924 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (tends)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf [(amo)1 (un)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf [(pla)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (correlation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (far)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0 -1.438 TD (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.323 0 Td [(p)-27 (erfect,)]TJ EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 145.334 409.242 Tm (34)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 158.327 404.904 Tm (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.132 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.451 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.539 0 Td (forth)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.431 0 Td [(t)28 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.86 0 Td (additional,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.907 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.459 0 Td [(comp)-27 (elling)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.934 0 Td [(argumen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.232 -1.438 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.634 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.22 0 Td [(en)27 (vi)1 (ronmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.993 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.805 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.008 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.186 0 Td (arise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td [(equilibriu)1 (m,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.443 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.418 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.935 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.588 0 Td [(algo)1 (rithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.748 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.28 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.097 0 Td [(s)-1 (e)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.43 0 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.205 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.953 0 Td (Second,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.491 0 Td (going)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td [(bac)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.186 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td (settings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.502 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.44 -1.438 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.111 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td [(p)-27 (ossible,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.034 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.521 0 Td [(con)1 (s)-1 (i)1 (der)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.892 0 Td (exogenous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.736 0 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.627 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td [(observ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.566 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.12 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.421 -1.438 Td (react.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.793 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.031 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.281 0 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.62 0 Td (gets)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.091 0 Td (punished,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.484 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.977 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.382 0 Td [(mak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.015 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.687 0 Td [(unpro\fta)1 (ble.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.905 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.375 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.817 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.825 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.539 0 Td (direct)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.914 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.822 0 Td [(evide)1 (nce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.082 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.255 0 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.345 -1.438 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.829 0 Td [(c)1 (ollusion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.03 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (tacit.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -11.841 -2.847 Td (5.6.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.774 0 Td [(Comp)50 (etitive)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.4 0 Td [(envir)50 (onments)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.174 -2.352 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (certain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.237 0 Td [(en)28 (vironmen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.259 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.004 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.956 0 Td [(imp)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.743 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td (default;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.535 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (others,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.188 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.951 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.767 0 Td [(nev)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td (arise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.263 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.127 -1.438 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.422 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.932 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.929 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.734 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.395 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.913 0 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.68 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td [(e)1 (rratic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.054 0 Td [(c)27 (hoices,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.698 -1.438 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td (something)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.658 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.53 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.259 0 Td (collusion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.278 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.08 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.938 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.054 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (settings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.576 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.438 -1.438 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.05 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.003 0 Td [(imp)-27 (ossible.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.061 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td [(parti)1 (cular,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.805 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.05 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.003 0 Td [(imp)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.789 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.575 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.852 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.835 0 Td (\(the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.422 -1.438 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td (memory\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.516 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.988 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.062 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (arise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.373 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td [(equilibr)1 (ium)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.278 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.638 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.89 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.899 0 Td (\(the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.151 0 Td [(im)1 (mediate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.87 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.148 -1.438 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.285 0 Td (defection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.134 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.182 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.305 0 Td [(out)27 (w)27 (eighed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.086 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.333 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td (loss)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td (due)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (future)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.883 0 Td [(punishmen)27 (ts\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.321 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.419 0 Td (noted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.693 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.124 -1.438 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.398 0 Td (3,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.866 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.268 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.07 0 Td (found)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.718 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.946 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.749 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.201 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (these)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 6.9738 0 0 6.9738 89.163 118.681 Tm (34)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 115.066 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.283 0 Td [(par)1 (ticular,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.926 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.708 0 Td [(explorati)1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.285 0 Td (i)Tj EMC /P <>BDC (nitially)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.726 0 Td [(im)-1 (p)1 (ro)27 (v)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.237 0 Td [(learni)1 (ng)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.868 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.977 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.212 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.152 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.865 0 Td [(ev)27 (en)28 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.086 -1.2 Td [(bac)28 (k\fres;)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.45 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.776 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.558 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.058 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.583 0 Td [(increas)-1 (i)1 (ng)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.728 0 Td (\013)Tj /T1_2 1 Tf 0.643 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.664 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.039 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.665 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.583 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.775 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.778 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.219 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.775 0 Td [(do)28 (w)-1 (n)1 (s)-1 (i)1 (de)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.365 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.192 0 Td (decreasing)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.893 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.912 -1.2 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.948 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.679 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.981 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.009 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.535 0 Td [(eviden)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.504 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td (Figures)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.555 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.837 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.948 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.115 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.535 0 Td [(equilibri)1 (um)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.312 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.17 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.005 0 Td [(on)1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.199 0 Td [(app)-27 (e)-1 (ar)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.706 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.534 0 Td [(v)56 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.982 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -44.724 -1.2 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.977 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.944 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.952 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td (lie)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.334 0 Td (outside)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.45 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td [(in)28 (terv)56 (al)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.613 0 Td [(s)-1 (h)1 (o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.034 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (\fgures.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1141 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (26)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.07834 0 0 1.07834 73.0868905 429.7487966 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 418.845 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.056 0 Td (3:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.057 0 Td (Distribution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.508 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.084 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.754 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.102 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.655 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.823 0 Td (100,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.505 0 Td (iterations)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.326 0 Td [(p)-27 (o)-27 (oling)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.45 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.329 0 Td (data)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.959 -1.208 Td (1000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.306 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.635 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.252 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td [(=)-315 (0)]TJ /T1_3 1 Tf 1.566 0 Td (:)Tj /T1_0 1 Tf (15,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.871 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.923 0 Td [(=)-315 (4)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.803 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.015 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 285.98 408.737 Tm (\000)Tj /T1_6 1 Tf (6)Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 297.299 404.399 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.62 0 Td (\\M")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.391 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td (price,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.602 -1.208 Td (\\B")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.999 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.175 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td (price.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -14.252 -3.591 Td [(in)27 (termediate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.671 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.217 0 Td (\(partial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.522 0 Td (collusion\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.67 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.97 0 Td (con\frmed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.502 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.346 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.074 0 Td (3,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td [(sho)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.799 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td (rel)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.527 -1.438 Td [(ativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.35 0 Td (frequency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.39 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.072 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.644 0 Td [(di\013eren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.819 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.35 0 Td [(com)27 (b)1 (inations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.919 0 Td [(ev)28 (en)27 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.634 0 Td [(c)27 (harged)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.574 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.454 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.773 0 Td [(represen)27 (ta)1 (tiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.979 -1.438 Td [(exp)-27 (erimen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.435 0 Td [(Pr)1 (ices)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.978 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (rarely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.877 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.279 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.253 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.278 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.851 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.591 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.871 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (almost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.237 0 Td [(alw)28 (a)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.21 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.278 -1.438 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.71 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.521 0 Td (Price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.57 0 Td [(disp)-27 (ersion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.662 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.039 0 Td [(lo)28 (w,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.094 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.959 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td (tend)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.251 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.874 -1.438 Td [(symmetrically)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (sum,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.898 0 Td [(consisten)27 (tl)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.392 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (symmetrically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.366 0 Td [(c)28 (harge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.123 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.025 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.216 -1.438 Td (obtaining)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.352 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (sizable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.16 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.665 0 Td (gain.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -10.994 -1.855 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (view)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.249 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.678 0 Td (robustness)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.795 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.678 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.103 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.222 0 Td [(resp)-28 (e)1 (ct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.343 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.678 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.896 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.005 -1.438 Td (parameters,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.257 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (ease)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.993 0 Td [(exp)-27 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.604 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (shall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td (henceforth)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.734 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.281 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td [(represen)27 (tativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.208 0 Td [(exp)-28 (erim)1 (en)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.908 -1.438 Td [(corresp)-27 (onding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.426 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.335 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td [(=)-512 (0)]TJ /T1_3 1 Tf 1.764 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.042 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.121 0 Td [(=)-512 (4)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.08 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.094 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 314.672 186.682 Tm (\000)Tj /T1_6 1 Tf (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 325.991 182.344 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.736 0 Td (\(This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.754 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td [(exp)-27 (erimen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.224 0 Td (illustrated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.821 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.125 -1.438 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.159 0 Td (3.\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.539 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.601 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.579 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.749 0 Td [(v)54 (alues,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.26 0 Td (sub-optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.462 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.204 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.432 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.58 0 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.468 -1.438 Td (20)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (times,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.945 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.96 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.884 0 Td [(Q-v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.674 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.172 0 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.264 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.183 0 Td [(coun)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.135 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.552 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.993 0 Td (3%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td (\fnal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td [(v)54 (al)1 (ue.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.858 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.21 -1.438 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.447 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.161 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.951 0 Td (learned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.394 0 Td (54%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.087 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.653 0 Td [(time)1 (s)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.854 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.871 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.653 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.475 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.631 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.088 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.951 0 Td (85%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.359 0 Td (None)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.496 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.153 -1.438 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.443 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.852 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.721 0 Td (extreme.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.934 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.88 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.786 0 Td (rate,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.22 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.377 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td (systematically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.311 0 Td (conducted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.614 0 Td (robustness)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.464 -1.438 Td (analyses)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.808 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.191 0 Td [(resp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.159 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.917 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.865 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.896 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.109 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.458 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.666 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.033 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.925 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.458 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.647 0 Td (extensions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.551 -1.438 Td (considered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.792 0 Td [(b)-27 (elo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.775 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (con\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.536 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.112 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td [(sensitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.928 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.507 0 Td (parameters.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm1 Do Q EMC endstream endobj 1142 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 150.134 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (25)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.07834 0 0 1.07834 73.0868905 429.7487966 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 144.039 418.845 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.087 0 Td (2:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td [(Av)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.665 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (grid)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(v)54 (alu)1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.114 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.956 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.904 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -16.357 -3.558 Td (5.5.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 2.013 0 Td [(Outc)50 (omes)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.902 -2.453 Td (What)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.906 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.519 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.006 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.52 0 Td (once)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.39 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.792 0 Td (trained?)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.995 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.382 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.069 0 Td (subsection,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.174 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.601 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.585 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.264 0 Td (systematically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.435 0 Td [(c)27 (harge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.134 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.035 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.84 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.965 0 Td (earn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.237 0 Td [(supra-co)1 (mp)-28 (etitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.035 0 Td (pro\fts.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.945 -1.438 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.184 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.164 0 Td (subsection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.704 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.402 0 Td (inquire)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.253 0 Td [(in)28 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.946 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.647 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.323 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td [(under)1 (pin)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.095 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.468 0 Td [(collusiv)27 (e-lo)-27 (oking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -30.917 -1.438 Td (outcomes.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.913 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.409 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.566 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.021 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.043 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.885 0 Td [(represen)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.1 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.043 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.987 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.717 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.717 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.735 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.015 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.856 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.804 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.499 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.586 0 Td [(in)27 (terv)55 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.732 -1.438 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.475 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.292 0 Td (considered,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.098 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (ranges)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.085 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.346 0 Td (70%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.155 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td (90%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.427 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.482 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.29 0 Td [(non-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.242 0 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.337 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.636 -1.438 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.51 0 Td [(co)1 (mmon,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.223 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.775 0 Td [(o)1 (btained)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.06 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td [(j)1 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.97 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.851 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.802 0 Td (selected)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.685 0 Td [(p)-27 (oin)27 (ts.)]TJ EMC /Link <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 378.003 243.196 Tm (33)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 391.281 238.858 Tm [(Moreo)27 (v)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.603 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td [(pro\f)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.699 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.283 -1.438 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (particularly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.305 0 Td [(sen)1 (s)-1 (i)1 (tiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.927 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td [(c)27 (hanges)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.623 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.262 0 Td (parameters.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -31.539 -1.855 Td [(Giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.866 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td (consistency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.182 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.925 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.643 0 Td [(do)-27 (cumen)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.525 0 Td [(ab)-27 (o)28 (v)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.077 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td [(observ)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.062 0 Td [(v)54 (alue)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td (arise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.98 -1.438 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(algorit)1 (hms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.845 0 Td (sometimes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.743 0 Td [(con)27 (v)27 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.514 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.393 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(som)1 (etimes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.742 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.069 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td [(comp)-27 (etitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.297 0 Td (one,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.931 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.615 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.197 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.441 0 Td [(s)-1 (y)1 (s)-1 (t)1 (ematically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.369 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td [(ra)1 (is)-1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.282 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.773 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (some)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 6.9738 0 0 6.9738 89.163 142.592 Tm (33)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 138.976 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.216 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.799 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.332 0 Td (robustness)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.874 0 Td [(c)28 (hec)28 (k,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.937 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.438 0 Td [(ha)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 2.271 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.971 0 Td (explored)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.996 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.688 0 Td (algorithms')Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.196 0 Td [(p)-28 (erformance)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.694 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.496 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.024 0 Td [(v)56 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.944 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -44.723 -1.2 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.893 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.249 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (considered)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.346 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.082 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.696 0 Td (grid.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.224 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.641 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.082 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf (smallest)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.682 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.527 0 Td [(e)-1 (x)1 (ploration)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.09 0 Td [(extensiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf (\()Tj /T1_7 1 Tf 4.618 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.868 0 Td (small\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.921 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -43.919 -1.2 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.965 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.993 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.186 0 Td (high,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.488 0 Td [(ab)-28 (o)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.822 0 Td (0.8.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.877 0 Td [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.783 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.939 0 Td (range)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.713 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.128 0 Td (parameters,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.443 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.711 0 Td [(algorith)1 (m)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.94 0 Td (explore)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.463 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.128 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.821 0 Td (forget)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.853 0 Td [(rap)1 (idly)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.253 -1.2 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.316 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.289 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.81 0 Td [(lo)-28 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.2 0 Td [(lik)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.865 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.866 0 Td (particularly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.455 0 Td [(e\013ectiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.893 0 Td [(w)28 (a)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.06 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.172 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.147 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.977 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.198 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.005 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.033 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.538 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.255 0 Td [(relativ)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.396 0 Td (limited)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.475 -1.2 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.266 0 Td [(pla)28 (y)84 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.318 0 Td [(Y)83 (et)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.79 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.736 0 Td [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.235 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.908 0 Td (stolid)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.685 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.266 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.463 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.18 0 Td (cutthroat)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.404 0 Td [(comp)-28 (etition,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.763 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.901 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.68 0 Td [(a)28 (v)28 (e)-1 (r)1 (ag)-1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.543 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.138 -1.2 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td (remains)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.731 0 Td (around)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.392 0 Td (40%.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm1 Do Q EMC endstream endobj 1143 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 138.179 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (24)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.06401 0 0 1.06401 76.1845957 433.5101906 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 425.5 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.123 0 Td (1:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(F)81 (raction)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.912 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.822 0 Td (pro\fles)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.414 0 Td [(con)27 (v)27 (erging)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.905 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (NE)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.533 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.852 0 Td (grid)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.048 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.952 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.149 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.991 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.94 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.67 -1.208 Td (\(Note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.746 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.122 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.935 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (rescaled)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.704 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 269.341 415.393 Tm (5)Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 274.073 411.054 Tm (.\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -16.3 -4.152 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.761 0 Td [(n)28 (um)27 (b)-27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.875 0 Td (suggest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.365 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.047 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.774 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.286 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.375 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td [(p)1 (la)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.048 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.407 0 Td [(equilibr)1 (ia,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.523 0 Td [(pro)27 (vided)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.952 0 Td [(t)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.149 -1.438 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.218 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td [(giv)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.571 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.831 0 Td (fair)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td [(c)27 (hance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.197 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td [(exp)-28 (er)1 (imen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.102 0 Td [(a)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.919 0 Td (learn.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.735 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td [(k)27 (ey)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.783 0 Td (implication)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.128 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.136 0 Td (once)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.245 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.817 0 Td [(pro)-27 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.474 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.047 0 Td (complete,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.47 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.91 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.273 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.396 0 Td (exploited,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.552 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (matter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.273 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.103 0 Td [(s)-1 (m)1 (art)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.488 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(opp)-27 (onen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.299 0 Td (is.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 161.858 314.187 Tm (32)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 287.677 Tm (O\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.148 0 Td (path,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.51 0 Td (things)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.896 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.586 0 Td (somewhat)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.528 0 Td [(di\013eren)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.088 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.707 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.869 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.068 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.909 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.857 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.888 0 Td (consid)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.944 -1.438 Td (ered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td [(ab)-28 (o)28 (v)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.08 0 Td [(few)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.591 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.317 0 Td (2%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.665 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.645 0 Td [(pro)-28 (duc)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.759 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.849 0 Td (subgame)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.065 0 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.296 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.802 -1.438 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.13 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (come)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.526 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.839 0 Td (surprise,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.951 0 Td [(ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.048 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.864 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.87 0 Td (visit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td (sub-optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.878 -1.438 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.047 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.736 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (times.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.808 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.367 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.736 0 Td (result,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.917 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.767 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.129 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.368 0 Td [(p)-27 (erfectly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.972 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.96 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(resp)-27 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.597 0 Td (o\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.882 -1.438 Td (path.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.568 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.567 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.274 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.995 0 Td [(indep)-27 (enden)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.832 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.92 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.996 0 Td [(esp)-27 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.423 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.078 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.508 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.797 0 Td [(corresp)-27 (ond)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -32.958 -1.438 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.65 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.342 0 Td (far)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.514 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.331 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (optimal.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.88 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.465 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.813 0 Td (gets)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td (closer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.743 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.485 0 Td [(ho)27 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.243 -1.438 Td (o\013-path)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.205 0 Td [(mo)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.519 0 Td (often.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.818 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td [(allo)28 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.986 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.919 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.267 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.519 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.547 0 Td [(e\013ectiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.489 -1.438 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.309 0 Td (strategies,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.634 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.441 0 Td (shall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.583 0 Td [(b)-28 (elo)28 (w.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 127.021 Tm (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.497 0 Td (common)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.995 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.273 0 Td [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.272 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.497 0 Td [(extensiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.305 0 Td [(e)-1 (xp)-27 (erimen)27 (tati)1 (on.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.691 0 Td [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.79 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.189 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.274 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.921 0 Td [(=)-278 (0)]TJ /T1_5 1 Tf 1.556 0 Td (:)Tj /T1_2 1 Tf (15)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.606 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.939 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.896 0 Td [(=)-278 (6)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.767 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.989 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 522.104 130.637 Tm (\000)Tj /T1_8 1 Tf (7)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 115.066 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.624 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.734 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.965 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.179 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.846 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.545 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.321 0 Td (80%)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.179 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.151 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.735 0 Td (times.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.963 0 Td [(Y)84 (et)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.845 0 Td (increasing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.688 0 Td [(exp)-28 (erimen)28 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.432 0 Td [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.289 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.496 -1.2 Td [(ev)28 (en)27 (tu)1 (ally)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.778 0 Td [(bac)28 (k\fres,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.397 0 Td (probably)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.197 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.701 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.254 0 Td [(extern)1 (alit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.031 0 Td [(men)28 (tioned)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.861 0 Td [(ab)-27 (o)28 (v)27 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (32)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm (Whether)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.207 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.012 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.018 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.731 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.427 0 Td (exploited)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.371 0 Td [(d)1 (uring)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.235 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.788 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.901 0 Td (phase,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.127 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.982 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.065 0 Td [(w)28 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.374 0 Td (conducted)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.085 -1.2 Td (on-the-job,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.083 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.006 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td [(in)28 (teresting)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.924 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.945 0 Td (di\016cult)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.666 0 Td (question)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.978 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.531 0 Td [(futu)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.975 0 Td [(study)84 (.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm1 Do Q EMC endstream endobj 1144 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 114.269 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (23)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.976 0 Td [(k)27 (eep)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.359 0 Td [(c)27 (harging)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.073 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.815 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.582 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.522 0 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.175 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.441 0 Td [(p)-27 (erio)-27 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.447 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.141 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.685 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.656 -1.438 Td [(displa)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.416 0 Td (cycles,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.102 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.818 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.525 0 Td (quarters)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.863 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.525 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.281 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.839 0 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.069 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td [(t)27 (w)27 (o,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.911 -1.438 Td [(in)27 (v)27 (olv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.316 0 Td [(adjacen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.077 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td [(in)28 (terpret)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.078 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.533 0 Td (cycles)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.833 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.767 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td [(Edgew)28 (orth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.961 0 Td (cycles)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.833 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.821 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.963 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.065 -1.438 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (artifact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (discretization,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.315 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (actual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (orbiting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td [(a)1 (round)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td [(constan)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.949 0 Td (targets.)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 510.956 653.611 Tm (30)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 251.821 611.89 Tm (5.4.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 2.013 0 Td (Equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.326 0 Td (play)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.778 -2.279 Td [(Ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.623 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.009 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.358 0 Td [(b)-28 (e)1 (ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.426 0 Td [(consisten)27 (tly)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.695 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.071 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.965 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.902 0 Td (ensure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.213 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.065 -1.438 Td [(ev)27 (en)27 (tua)1 (lly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.797 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.241 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.48 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.709 0 Td [(strategy)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.096 0 Td (Again,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.246 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.029 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td [(guaran)27 (teed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.152 0 Td [(th)1 (eoretically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.749 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.615 0 Td (single-)Tj -35.217 -1.438 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.758 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.824 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.574 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.915 0 Td [(no)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.861 0 Td [(w)1 (hen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.675 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.982 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.967 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td [(in)27 (v)28 (olv)27 (ed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.226 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.343 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.029 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.464 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.37 -1.438 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.279 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.815 0 Td [(con)27 (v)27 (erged)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.511 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.328 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.558 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.754 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.654 0 Td (presence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.89 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.654 0 Td [(riv)55 (al,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.443 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.171 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.414 -1.438 Td [(con)27 (v)27 (erg)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.999 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.48 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td (recall.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -29.272 -1.855 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.281 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td [(guaran)27 (teed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.989 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(an)28 (te,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.378 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.866 0 Td [(prop)-28 (ert)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.956 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.29 0 Td [(v)27 (eri\fed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.384 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(p)-27 (ost.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.867 0 Td (end,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.079 0 Td [(u)1 (p)-28 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.794 -1.438 Td [(con)27 (v)27 (erg)1 (ence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.452 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.48 0 Td [(c)27 (he)1 (c)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.676 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.792 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td (algorithm's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.158 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.825 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.023 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.854 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.138 0 Td [(resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.993 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.725 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.833 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td [(riv)54 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.274 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.816 0 Td [(con)27 (v)27 (erged)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.613 0 Td (to.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.538 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.048 0 Td (not,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.511 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td (calculate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (distance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.883 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.383 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.169 0 Td [(resp)-27 (onse.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.297 0 Td [(T)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.821 -1.438 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.278 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.463 0 Td (compare)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.938 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td [(agen)28 (t's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.317 0 Td (\fnal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td [(Q)1 (-matrix)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.291 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.292 0 Td [(corresp)-27 (onding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.31 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td [(riv)54 (al's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.953 0 Td (\fnal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td [(strategy)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.067 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.326 0 Td [(c)27 (hec)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.729 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.886 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td [(p)-27 (erformed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.769 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.451 0 Td (path)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.376 0 Td [(\(v)28 (erifying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.497 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.844 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.453 -1.438 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.48 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.196 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td [(pla)27 (y)28 (ed\),)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (o\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.388 0 Td (path)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td [(\(v)27 (erifying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.407 0 Td (subgame)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.031 0 Td [(p)-27 (erfection\).)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_0 1 Tf -31.269 -1.855 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.422 0 Td [(sho)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.662 0 Td [(exten)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.968 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.172 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.777 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.663 0 Td [(algorith)1 (ms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.822 0 Td [(con)28 (v)27 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.974 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.792 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.456 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -33.073 -1.438 Td [(dep)-27 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.73 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.304 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.63 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.698 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.084 0 Td (parameters.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.281 0 Td [(In)28 (tuitiv)27 (ely)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.893 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.697 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.929 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.392 0 Td [(e\013ectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.486 -1.438 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.627 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.333 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td [(extensiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.292 0 Td (\()Tj /T1_5 1 Tf 0.382 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td [(lo)27 (w\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.492 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.294 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.858 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.627 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.055 0 Td (close)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.466 -1.438 Td [(b)-27 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.987 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.654 0 Td (grid,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.469 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.952 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.096 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.108 0 Td [(\()1 (s)-1 (u)1 (b-optimal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.738 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.101 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.12 -1.438 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.864 0 Td (times)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.663 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.408 0 Td [(a)27 (v)27 (erage)1 (\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.209 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.992 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.501 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.544 0 Td [(mo)-27 (derate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.373 0 Td [(lev)27 (els)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.663 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.309 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.423 -1.438 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.379 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.407 0 Td [(successfully)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.36 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.685 0 Td [(ex)1 (ample,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.038 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.487 0 Td (sub-optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.323 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.058 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.564 0 Td [(vi)1 (s)-1 (it)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.064 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.291 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.44 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.868 0 Td (10)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.964 -1.438 Td (times)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.563 0 Td [(\(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.129 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.625 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.886 0 Td [(=)-278 (8)]TJ /T1_6 1 Tf 1.643 0 Td (\002)Tj /T1_0 1 Tf 0.892 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9701 0 0 7.9701 243.184 286.784 Tm (\000)Tj /T1_3 1 Tf (6)Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 254.503 282.446 Tm (\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.926 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.177 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(=)-278 (0)]TJ /T1_5 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.524 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.09 0 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td (third)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.062 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.56 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.958 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.873 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.842 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.126 0 Td [(resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.981 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.713 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.812 0 Td [(ev)27 (en)27 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.704 0 Td (adopted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.386 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td [(riv)54 (al.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (remaining)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.546 0 Td (sessions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.861 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.663 0 Td [(observ)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.008 0 Td [(Q-v)55 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.98 0 Td (di\013er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.506 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.289 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.539 0 Td [(asso)-28 (c)1 (iated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.639 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td [(resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.315 -1.438 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td [(tha)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (3%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(a)28 (v)27 (erage.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.444 -1.855 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.964 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.502 0 Td [(extensiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.275 0 Td [(exp)-28 (erimen)28 (tation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.589 0 Td [(equilibri)1 (um)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.249 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.176 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.949 0 Td [(prev)55 (alen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.569 0 Td [(F)81 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.808 0 Td (ex)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.664 -1.438 Td (ample,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.269 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.67 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.079 0 Td [(=)-471 (3)]TJ /T1_1 1 Tf ( )Tj /T1_6 1 Tf 2.022 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.077 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 7.9701 0 0 7.9701 211.862 195.85 Tm (\000)Tj /T1_3 1 Tf (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 228.441 191.511 Tm (\(meaning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.411 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.235 0 Td [(sub-optim)1 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.504 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.241 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.247 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.623 0 Td [(2)1 (5)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.964 -1.438 Td (times\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.001 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.908 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.913 0 Td [(=)-284 (0)]TJ /T1_5 1 Tf 1.535 0 Td (:)Tj /T1_0 1 Tf (15,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.853 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.82 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.199 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.989 0 Td [(atta)1 (ined)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.866 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td (60%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.125 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (cases,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.734 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.908 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.808 -1.438 Td [(pla)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td (individual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.608 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.111 0 Td [(resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.966 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.296 0 Td (70%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.133 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (times.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.9 0 Td [(Moreo)28 (v)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.58 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.568 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.93 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.444 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.205 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.183 0 Td [(resp)-27 (onses,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.695 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.287 0 Td (come)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.585 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.559 0 Td (close:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.699 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td [(p)-27 (oten)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.217 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.749 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.1 0 Td [(re)1 (s)-1 (p)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.954 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.256 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(a)27 (v)28 (erage,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.781 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (1%.)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 357.933 127.088 Tm (31)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 106.726 Tm (30)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 103.111 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (theory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.288 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.869 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.099 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.009 0 Td (also)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 2.152 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.65 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.369 0 Td (split)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.375 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.869 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.539 0 Td (dynamically)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.758 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.536 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.23 0 Td (turns,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.044 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.031 -1.2 Td [(apparen)28 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.003 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.251 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (not.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (31)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm (That)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.437 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.221 0 Td (excluding)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.409 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.659 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.083 0 Td [(resp)-27 (onses)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.373 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.467 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.799 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.659 0 Td (distance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.832 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.942 0 Td (nil.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.659 0 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.409 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.443 0 Td [(exten)28 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.271 0 Td [(equi)1 (librium)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.246 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.103 0 Td (is)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1145 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 102.314 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (22)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.783 0 Td [(Q-v)54 (alu)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.573 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.81 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.864 0 Td (carry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.771 0 Td [(w)27 (eigh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.056 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.403 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (30%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.771 0 Td [(up)-27 (dates)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.632 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.184 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (25,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.418 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(w)28 (eigh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.101 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.497 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td [(v)55 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.114 0 Td (\013)Tj /T1_0 1 Tf 0.629 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -25.141 -1.855 Td (When)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.016 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.135 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.312 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.977 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.064 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.407 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.312 0 Td (15,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.738 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.847 0 Td [(lo)28 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.717 0 Td [(b)-27 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.179 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.52 0 Td (\027)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td (implies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.484 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.52 0 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.962 0 Td [(b)-27 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.18 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.655 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.095 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -29.796 -1.174 Td (\026)Tj EMC /P <>BDC -7.357 -0.264 Td [(\(appro)27 (ximately\))]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 7.216 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.9 0 Td [(=)-292 (2)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.771 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 221.13 648.63 Tm (\000)Tj /T1_6 1 Tf (5)Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 232.448 644.291 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.607 0 Td [(Lik)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.504 0 Td (\013)Tj /T1_0 1 Tf 0.629 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.607 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.449 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td [(tak)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.129 0 Td (100)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (equally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.38 0 Td (spaced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.169 0 Td [(p)-27 (oin)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.951 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td [(in)27 (terv)55 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.479 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.759 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.138 0 Td (\f)Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 0.141 0.264 Td (\026)Tj EMC /P <>BDC 0.467 -0.264 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.541 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.955 0 Td [(lo)27 (w)27 (e)1 (s)-1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.886 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.058 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.877 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.384 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.756 0 Td [(pro)-27 (ceeding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.865 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.085 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.852 0 Td [(w)28 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.928 0 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.898 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.263 0 Td (\027)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.938 0 Td (\031)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (450)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.862 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.883 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.883 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.596 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.188 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.051 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.744 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.297 0 Td [(excessiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.184 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (view)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.324 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.182 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.82 0 Td [(externalit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.346 -1.438 Td [(men)27 (tioned)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td [(ab)-27 (o)27 (v)27 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.76 -1.855 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.53 0 Td (said,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.374 0 Td (initially)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.701 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.395 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.93 0 Td (share)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.646 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.537 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.837 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.988 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.223 0 Td (parameters.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.931 -1.438 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td (6)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(explore)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.786 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (consequences)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.913 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (relaxing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.726 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (assumption.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -7.072 -3.397 Td (5.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.013 0 Td [(Conver)50 (genc)50 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.321 -2.369 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (spite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.36 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.611 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.857 0 Td [(guaran)27 (tees,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.163 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.465 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td (99.9)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.084 0 Td (%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.131 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.629 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.827 -1.438 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (obtained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.025 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.413 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (de\fnition.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -14.796 -1.855 Td [(T)27 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.363 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.855 0 Td (great)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.542 0 Td [(man)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td [(rep)-27 (etitions)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.913 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.671 0 Td (needed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.535 0 Td [(con)27 (v)28 (ergence.)]TJ EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 404.909 449.4 Tm (29)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 418.243 445.061 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.051 0 Td (exact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.624 0 Td [(n)28 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.602 0 Td (de)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.636 -1.438 Td [(p)-27 (ends)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.795 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.219 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td (exploration,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.401 0 Td (ranging)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.525 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.79 0 Td (400,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.525 0 Td [(whe)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.544 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.129 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.973 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.33 -1.438 Td (limited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.404 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.281 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.181 0 Td (2,500,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.382 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.642 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.065 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.533 0 Td [(extensiv)27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.579 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.839 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.193 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.316 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.052 0 Td [(=)-423 (0)]TJ /T1_3 1 Tf 1.674 0 Td (:)Tj /T1_0 1 Tf (125)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.153 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -36.365 -1.438 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.025 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td [(1)1 (0)]TJ EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 117.242 397.828 Tm (\000)Tj /T1_6 1 Tf (5)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 133.438 393.49 Tm (\(the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td [(mid-p)-27 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.597 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.768 0 Td (grid\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.494 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.066 0 Td [(ac)27 (hiev)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.026 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.442 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td (850,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.734 -1.438 Td [(p)-27 (erio)-27 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.497 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.715 0 Td [(rep)-27 (etitions)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.923 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.681 0 Td (required,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.156 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.545 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.278 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 518.229 380.637 Tm (\000)Tj /T1_6 1 Tf (5)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 529.548 376.299 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.67 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.694 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.013 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td [(c)27 (ho)-27 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.984 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.368 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.945 0 Td (randomly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.387 0 Td (after,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.592 0 Td [(sa)27 (y)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.89 0 Td (100,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td [(p)-27 (erio)-28 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.441 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.992 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.917 0 Td (14%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.401 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.291 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td [(riv)54 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.981 0 Td [(exp)-27 (erimen)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.387 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.906 0 Td (rate,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td [(en)28 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.625 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.981 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.71 0 Td (non-stationary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.556 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.492 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.447 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td [(con)27 (v)28 (erge.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.257 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.21 0 Td (practice,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.958 0 Td [(con)27 (v)27 (ergen)1 (ce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.399 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.971 0 Td [(ac)27 (hiev)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.931 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.135 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.543 0 Td [(exp)-27 (erimen)27 (ta)1 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.247 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.281 -1.438 Td (nearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.964 0 Td (terminated.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 12.45 -3.397 Td (5.3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.013 0 Td (Consistency)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.427 -2.369 Td (Outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.623 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.523 0 Td (stable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.882 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.942 0 Td (sessions.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.932 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.283 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.864 0 Td (foregone)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.937 0 Td (conclusion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.058 0 Td [(giv)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.603 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.752 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.676 0 Td [(extensiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.22 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.261 0 Td [(whic)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.072 0 Td [(b)-27 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.637 0 Td (random,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.861 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td (create)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.882 0 Td (con)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.146 -1.438 Td (siderable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.107 0 Td [(v)54 (ariati)1 (on.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.402 0 Td [(Y)82 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.816 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (standard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.107 0 Td (error)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.687 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td [(t)27 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.02 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.828 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.306 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.838 0 Td [(p)-28 (er)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.228 -1.438 Td [(cen)27 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.616 0 Td [(p)-28 (oin)28 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.938 0 Td (Another)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td (sign)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.126 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (consistency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.26 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.862 0 Td [(pro)-27 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.519 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(t)28 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.418 -1.438 Td (algorithms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.103 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.785 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td [(b)1 (aseline)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td [(mo)-28 (de)1 (l)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.894 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td [(ex-an)27 (te)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.411 0 Td (symmetric,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.021 0 Td [(p)-27 (erform)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.683 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.8 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.133 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.055 -1.438 Td (manner:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.602 0 Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.296 0 Td [(b)-27 (et)28 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.696 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.602 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.767 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.369 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.581 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.038 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.901 0 Td [(nev)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.527 0 Td (statistically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.176 0 Td [(signi\fcan)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.339 -1.438 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.235 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.825 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(algorit)1 (hms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.846 0 Td [(ev)27 (en)28 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.678 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td (casual.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -25.925 -1.855 Td [(F)82 (urthermore,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.882 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.718 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.571 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (stable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.773 0 Td [(up)-27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td [(con)27 (v)28 (ergence.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.624 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.387 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (almost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.099 0 Td (half)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.871 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.625 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (29)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.228 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.763 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.117 0 Td (computing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.922 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.532 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.367 0 Td [(con)27 (tr)]TJ EMC /P <>BDC (ast,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.125 0 Td [(con)28 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.508 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.983 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.783 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.506 0 Td [(f)1 (as)-1 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.177 0 Td (requiring)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.233 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.366 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.565 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.022 -1.2 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.333 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.834 0 Td [(min)28 (ute)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.361 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (CPU)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.487 0 Td (time.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1146 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 175.25 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q q 1 0 0 1 141.078 103.609 cm 0 G 0.398 w 0 J []0 d 0 0 m 100.008 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (21)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.502 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td [(lo)1 (ng)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (duration,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.243 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(slo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.992 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (pre-deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.956 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -18.383 -3.584 Td (5.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(L)50 (e)50 (arning)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.076 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.9 0 Td [(exp)50 (erimentation)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.559 -2.431 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td (try)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.561 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.773 0 Td (wide)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td (range)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.622 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.072 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.873 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.073 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td [(c)27 (haracte)1 (ristic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.973 0 Td (parameters)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.021 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.072 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.644 0 Td [(algorit)1 (hms,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.076 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.912 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.861 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.67 -1.438 Td (discarding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.637 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.102 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.517 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.075 0 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.353 0 Td (implausible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.127 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.771 0 Td (priori.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.891 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td [(examp)1 (le,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.061 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.707 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -33.589 -1.438 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td [(princ)1 (iple)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.102 0 Td (range)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.743 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.39 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.894 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (1.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(Ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.293 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.057 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.062 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.062 0 Td [(kno)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.178 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.254 0 Td [(v)55 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.993 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.192 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.312 -1.438 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.049 0 Td (disrupt)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.952 0 Td [(esp)-27 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.338 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.188 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.911 0 Td [(extensiv)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.42 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.549 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td [(algorit)1 (hm)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.807 -1.438 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.764 0 Td (forget)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.71 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.622 0 Td [(rapid)1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.253 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.357 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.887 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.655 0 Td (learned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.335 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.051 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.594 0 Td (past.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.308 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.132 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.594 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.261 0 Td [(sci)1 (ence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.177 0 Td (literature,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.7 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td [(v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.524 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (0.1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.571 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td [(ofte)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.469 0 Td (used)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td (\(Sutton)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.585 0 Td [(an)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.898 0 Td (Barto,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td (2018\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.932 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.808 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.957 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.986 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.91 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.473 -1.438 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (0)Tj /T1_4 1 Tf (:)Tj /T1_0 1 Tf (25)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.023 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.316 0 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.757 0 Td [(b)-27 (ound.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.246 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.191 0 Td [(upp)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.757 0 Td [(b)-27 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.94 0 Td [(conserv)54 (ativ)28 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.754 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.511 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.42 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (trained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.449 0 Td (o\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.463 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (job)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.219 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td [(pro)-28 (c)1 (ess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.487 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td [(allo)27 (w)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.557 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td [(exp)-27 (erimen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.163 0 Td [(extensiv)27 (ely)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.277 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.279 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.827 -1.438 Td (shall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.342 0 Td (discuss)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.331 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.867 0 Td [(momen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.105 0 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.063 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.88 0 Td (grid)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.063 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.282 0 Td (comprises)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.522 0 Td (100)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.847 0 Td (equally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.423 0 Td (spaced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.212 0 Td [(p)-27 (oin)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.994 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.125 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(in)27 (terv)54 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.537 0 Td ([0)Tj /T1_4 1 Tf 0.761 0 Td (:)Tj /T1_0 1 Tf (025)Tj /T1_4 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.179 0 Td (0)Tj /T1_4 1 Tf (:)Tj /T1_0 1 Tf (25].)Tj EMC /Link <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 204.106 478.554 Tm (27)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 452.044 Tm (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.424 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.475 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.664 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.24 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.656 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.576 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.665 0 Td [(trade)1 (-o\013)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.921 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.962 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td [(follo)27 (ws.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.464 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.611 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.664 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.773 0 Td (hand,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.698 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.816 0 Td (need)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.253 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (explore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.369 0 Td [(extensiv)27 (ely)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.169 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.172 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.655 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.117 0 Td [(w)28 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.418 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.953 0 Td [(m)28 (ultiple)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.803 0 Td (visits)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.51 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td [(ev)28 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.684 -1.438 Td (state-action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.314 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td (\(of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.481 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.61 0 Td (3375)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.263 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.12 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.682 0 Td [(exp)-27 (erimen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.45 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.21 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.862 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.065 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (15)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.963 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.955 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.955 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.716 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.499 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.499 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.886 0 Td [(en)27 (vironmen)28 (ts\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.719 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.607 0 Td (hand,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.771 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.584 -1.438 Td (short)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.505 0 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.792 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.138 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.981 0 Td [(costly)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.995 0 Td (Here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.438 0 Td (abstract)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.811 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.907 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.016 0 Td [(t)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.811 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td (long-run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.351 -1.438 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.328 0 Td (\(i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.254 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.337 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td [(con)27 (v)28 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.437 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td [(algorith)1 (ms\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.523 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.969 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.165 0 Td [(en)28 (tails)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.103 0 Td (another)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.678 -1.438 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(w)27 (ell,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.291 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.155 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.932 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.829 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.495 0 Td [(exp)-27 (erimen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.506 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.482 0 Td [(extensiv)27 (ely)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.235 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td (creates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (noise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.487 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.125 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.609 0 Td [(en)27 (vironmen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.825 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.724 0 Td [(mak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (harder)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.926 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.419 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.089 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (learn.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.802 0 Td [(externalit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.846 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.92 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.144 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.122 0 Td (principle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.005 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.242 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.313 0 Td [(excessiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td [(discoun)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.18 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td (short-term)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.827 0 Td (cost.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.27 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.033 -1.438 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.071 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.636 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.629 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.884 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.056 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td (small)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td [(enoug)1 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.322 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.479 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.446 0 Td (enough)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.322 0 Td [(exp)-27 (erimen)27 (tation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -30.733 -1.438 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.713 0 Td (small.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -5.249 -1.855 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.476 0 Td (get)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.851 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td (concrete)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.897 0 Td (sense)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.548 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td [(v)55 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.95 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.147 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.367 0 Td (reasonable,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.099 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.367 0 Td (useful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.462 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.317 0 Td (map)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.297 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td [(in)27 (to)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.106 0 Td (\027)Tj /T1_0 1 Tf 0.547 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.719 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td [(exp)-28 (ecte)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.201 0 Td [(n)28 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.684 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td (times)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.737 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.937 0 Td (\\sub-optimal")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.491 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.862 0 Td [(\(i)1 (.e.,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.351 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.937 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.861 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.146 -1.438 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.34 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.168 0 Td [(action)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.294 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.092 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.603 0 Td [(p)-27 (erceiv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.295 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.174 0 Td [(sub-optim)1 (al\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.742 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.827 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (visited.)Tj EMC /Link <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 460.784 227.924 Tm (28)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 473.305 223.585 Tm [(Clearly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.562 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.868 0 Td (\027)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.395 -1.438 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.66 0 Td (small)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.407 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.803 0 Td [(n)1 (ot)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.279 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.763 0 Td (fair)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td [(c)28 (hance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.128 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (learn.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.667 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.763 0 Td [(lo)27 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.71 -1.438 Td [(b)-27 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.961 0 Td (\027)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.825 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (4,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.03 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.743 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.727 0 Td (barely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.906 0 Td [(su\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.055 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td [(guaran)27 (tee)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.43 0 Td [(decen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.016 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.967 0 Td [(F)81 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.049 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 6.9738 0 0 6.9738 89.163 167.707 Tm (27)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 164.092 Tm (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.087 0 Td [(p)-28 (ositiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.704 0 Td [(lo)28 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.617 0 Td [(b)-28 (ound)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.088 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.009 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.434 0 Td (b)Tj EMC /P <>BDC 0.583 0 Td (ecause)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.12 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.614 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.927 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.062 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.837 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.726 0 Td [(al)1 (gorithm)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.561 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.26 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.782 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.507 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.226 0 Td (all.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.67 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.253 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.915 -1.2 Td [(resp)-28 (ect,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.764 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.895 0 Td [(v)56 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.645 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.2 0 Td (0)Tj /T1_7 1 Tf 0.499 0 Td (:)Tj /T1_2 1 Tf (025)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.172 0 Td [(see)-1 (m)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.511 0 Td [(conserv)56 (ativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.708 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.289 0 Td [(w)28 (ell.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.366 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.645 0 Td [(lo)28 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.674 0 Td [(v)55 (alues,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.317 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.784 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.897 0 Td [(b)-28 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.039 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.259 0 Td [(slo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.664 -1.2 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.805 0 Td (fail)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.694 0 Td (altogether.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 6.9738 0 0 6.9738 89.163 131.841 Tm (28)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 128.226 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td (exact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.64 0 Td (relationship)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.453 0 Td [(b)-28 (et)28 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.86 0 Td (\027)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.891 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.944 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.952 0 Td (is)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf -10.374 -2.044 Td (\()Tj /T1_7 1 Tf (m)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.489 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (1\))Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 6.9738 0 0 6.9738 205.197 111.473 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 9.9626 0 0 9.9626 121.043 101.118 Tm (\027)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.835 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.896 0.07 Td (\002)Tj 5.901 0 Td (\003)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.537 -0.07 Td (:)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf -10.158 -0.74 Td (m)Tj EMC /P <>BDC /T1_9 1 Tf 6.9738 0 0 6.9738 149.825 96.624 Tm (n)Tj /T1_6 1 Tf (\()Tj /T1_9 1 Tf (n)Tj /T1_6 1 Tf (+1\))Tj /T1_1 1 Tf ( )Tj /T1_11 1 Tf 7.782 0 Td (\000)Tj /T1_9 1 Tf (\f)Tj /T1_6 1 Tf 1.592 0 Td (\()Tj /T1_9 1 Tf (n)Tj /T1_6 1 Tf (+1\))Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 182.299 93.746 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 0.722 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1 0 Td (e)Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1147 0 obj <>stream H\O@w"ɼ3iwamKט6P0ƃ߾f8x~oAe}WܠNM[{wnrM;iQuS Sƥ|.g&mo9aUwGN.M{VUx_l|qwqtɵ/e8Ň.>cc{ Wڗe{vs/v wy]x-or 0M endstream endobj 1148 0 obj [416.7 416.7 472.2 472.2 472.2 472.2 583.3 583.3 472.2 472.2 333.3 555.6 577.8 577.8 597.2 597.2 736.1 736.1 527.8 527.8 583.3 583.3 583.3 583.3 750 750 750 750 1044.4 1044.4 791.7 791.7 583.3 583.3 638.9 638.9 638.9 638.9 805.6 805.6 805.6 805.6 1277.8 1277.8 811.1 811.1 875 875 666.7 666.7 666.7 666.7 666.7 666.7 888.9 888.9 888.9 888.9 888.9 888.9 888.9 666.7 875 875 875 875 611.1 611.1 833.3 1111.1 472.2 555.6 1111.1 1511.1 1111.1 1511.1 1111.1 1511.1 1055.6 944.4 472.2 833.3 833.3 833.3 833.3 833.3 1444.4] endobj 1149 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 150.134 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q q 1 0 0 1 383.951 656.292 cm 0 G 0.478 w 0 J []0 d 0 0 m 4.234 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (20)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 275.898 700.844 Tm (5.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 290.855 700.844 Tm [(RESUL)83 (TS)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 670.494 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.925 0 Td (section,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.558 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.457 0 Td [(fo)-28 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.524 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.377 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td [(b)1 (aseline)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.72 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.26 0 Td [(en)28 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.646 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td (consists)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.623 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.131 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (symmet)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.264 -1.438 Td (ric)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.456 0 Td [(duop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.795 0 Td (\()Tj /T1_3 1 Tf (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.314 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (2\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.272 0 Td (c)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 217.957 651.51 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 225.505 653.303 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.13 0 Td (a)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 258.425 651.51 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 11.9552 0 0 11.9552 264.801 653.303 Tm (\000)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf (c)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 282.132 651.51 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 289.68 653.303 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td [(1)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.129 0 Td (a)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 322.6 651.51 Tm (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 331.499 653.303 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td [(0)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.129 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.938 0 Td (=)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 383.951 658.01 Tm (1)Tj EMC /StyleSpan <>BDC 0 -1.108 TD (4)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 389.38 653.303 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.64 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.82 0 Td [(=)-348 (0)]TJ /T1_3 1 Tf (:)Tj /T1_0 1 Tf (95)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.219 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.946 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.858 0 Td [(one-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.428 -1.438 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.719 0 Td (\()Tj /T1_3 1 Tf (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (1\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.407 0 Td (Holding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.61 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td [(en)27 (viro)1 (nmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.568 0 Td [(constan)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.16 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.38 0 Td [(v)55 (ary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.625 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.692 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.843 0 Td [(exp)-27 (erimen)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -33.208 -1.438 Td (tation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.907 0 Td (parameters)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.088 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.928 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.622 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.825 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.521 0 Td [(no)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td [(tak)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.689 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.357 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.71 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.521 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.335 0 Td [(comp)-27 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.508 -1.438 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.3 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td (section,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.618 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.519 0 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.872 0 Td [(extensiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.298 0 Td [(comparativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.625 0 Td (statics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.134 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.438 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.32 0 Td (parameters,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.931 -1.438 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.899 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td [(w)28 (orth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.904 0 Td (making)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.558 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.953 0 Td (remarks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.835 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.3 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (outset.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.761 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.808 0 Td [(sp)-27 (eci\fcation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.687 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (logit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.326 0 Td [(mo)-27 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td [(pri)1 (ce-cost)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.507 0 Td (margin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.414 0 Td [(w)27 (o)1 (uld)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.951 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.428 0 Td (around)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.414 0 Td (47%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.216 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.766 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.094 -1.438 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.496 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.934 0 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td [(t)28 (wice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.559 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (large)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.804 0 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.333 0 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.863 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.871 -1.438 Td (implausible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.236 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.857 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.042 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.047 0 Td [(imp)-27 (ortan)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.686 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td (note)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.238 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.184 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.803 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.744 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.047 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.212 0 Td [(rob)1 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.113 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.972 0 Td [(re)1 (s)-1 (p)-27 (ect.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.645 -1.438 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.851 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.205 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.538 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.709 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.299 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.355 0 Td [(tak)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.763 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.299 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.838 0 Td (starting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.748 0 Td [(p)-27 (oin)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.654 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.784 0 Td (limiting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.741 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.037 -1.438 Td (homogeneous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.009 0 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.077 0 Td (\(i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.25 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.9 0 Td (!)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.311 0 Td (0\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.488 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.848 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.161 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.615 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.135 0 Td (dynamic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.964 0 Td [(co)-27 (op)-27 (eration)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.351 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.815 -1.438 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.393 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (cost.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -6.446 -1.855 Td (Second,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.679 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.776 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.267 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.906 0 Td [(one-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.931 0 Td [(mem)1 (ory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.869 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.073 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.896 0 Td [(restrictiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.664 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.373 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td [(migh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.891 0 Td (seem,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.598 -1.438 Td [(b)-27 (ecause,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.879 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.186 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td (noted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.704 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.344 0 Td (Barlo)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.636 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.345 0 Td (\(2016\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.302 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.671 0 Td [(ric)27 (hness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.667 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.6 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.106 0 Td (substitute)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.689 -1.438 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.546 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (length)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.042 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td [(memory)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.021 0 Td [(Ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.51 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.28 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.905 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.897 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td [(e\013ectiv)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.618 0 Td (replicate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.298 -1.438 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.362 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td (strictly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.351 0 Td [(sp)-27 (eaking,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.302 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (require)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (longer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td [(memory)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.31 -1.855 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.468 0 Td (illustrate,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.438 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.84 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.078 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.099 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.842 0 Td (stage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.534 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.174 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.877 0 Td (feasible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.485 0 Td (actions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.622 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.151 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.612 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.343 0 Td (dilemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.897 0 Td [(t)27 (yp)-27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.401 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.454 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.742 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.829 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.821 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.558 0 Td (four)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.966 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.608 0 Td (states,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td (namely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.87 -1.438 Td (\(with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.61 0 Td [(ob)27 (vious)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.54 0 Td (notation\))Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.295 0 Td [(C)-72 (C)]TJ /T1_0 1 Tf 1.545 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.597 0 Td [(C)-72 (D)]TJ /T1_0 1 Tf 1.613 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.597 0 Td [(D)-27 (C)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.902 0 Td [(D)-27 (D)]TJ /T1_0 1 Tf 1.68 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.597 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.908 0 Td (setting,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.486 0 Td [(co)-27 (op)-27 (erating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.33 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.141 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.396 0 Td [(C)-72 (C)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.397 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.004 0 Td [(defe)1 (cting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.261 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.459 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.656 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.884 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.084 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.915 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.886 0 Td (whose)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.987 0 Td [(incen)27 (tiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.206 0 Td [(compatibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.084 0 Td [(constr)1 (ain)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.668 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (exactly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.472 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.302 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.22 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.915 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (grim-trigger)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.54 0 Td [(str)1 (ategy)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.075 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.9 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td (principle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.124 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.591 -1.438 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.477 0 Td (in\fnitely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.223 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.238 0 Td [(memory)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.087 0 Td [(Lik)28 (ewise,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.324 0 Td [(co)-27 (op)-27 (erating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.448 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td [(stat)1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.9 0 Td [(C)-72 (C)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.987 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.02 0 Td [(D)-27 (D)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.021 0 Td [(defect)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.107 -1.438 Td (otherwise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.376 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td [(incen)27 (tiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.125 0 Td [(compatibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.003 0 Td [(constra)1 (in)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.62 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.221 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.835 0 Td [(\\one-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.35 0 Td [(punishme)1 (n)27 (t")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.471 -1.438 Td [(strategy)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td [(Lo)-28 (osely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.638 0 Td [(sp)-27 (eaking,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.385 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.899 0 Td (unilateral)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.489 0 Td (defection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.244 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.067 0 Td [(in)27 (terpreted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.115 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.285 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.899 0 Td [(gen)27 (uine)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.646 0 Td (deviation,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.726 -1.438 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.808 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.214 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.991 0 Td (punished.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.418 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td [(con)27 (trast,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.065 0 Td [(join)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.291 0 Td (defection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.168 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.991 0 Td [(in)27 (terpreted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.039 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td [(punishmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.315 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.503 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.451 -1.438 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.895 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.27 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (accordingly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td [(follo)27 (w)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.78 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.993 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td [(co)-27 (op)-27 (eration.)]TJ EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 448.069 212.934 Tm (26)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 186.423 Tm (When)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.749 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.58 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.293 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.798 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td (spaces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.896 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.526 0 Td [(ric)27 (her,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.913 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.873 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.878 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.577 0 Td [(t)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.091 0 Td [(mim)1 (ic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td [(mor)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td [(com)1 (plex)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.729 0 Td [(stra)1 (tegies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.906 -1.438 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.211 0 Td [(w)27 (ell.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.212 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.451 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.967 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.13 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td [(algorith)1 (ms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.855 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.457 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.318 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.372 0 Td (that)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 142.592 Tm (26)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 138.976 Tm (Grim)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.515 0 Td (trigger)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.121 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.351 0 Td (turn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.119 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.672 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.672 0 Td (to)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 1.115 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.255 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.283 0 Td [(e\013ectiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.754 0 Td [(w)28 (a)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.921 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.424 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.84 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.846 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.116 0 Td [(co)-28 (op)-28 (erate.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.58 -1.2 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.929 0 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.624 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.202 0 Td [(exp)-28 (erimen)28 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.343 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.757 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.482 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.84 0 Td [(so)-28 (oner)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.071 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.149 0 Td (later)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.26 0 Td (defect,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.118 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.868 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.535 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.874 0 Td [(hap)1 (p)-28 (ened)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.451 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.503 -1.2 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.881 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.325 0 Td [(trapp)-27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.717 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.13 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.797 0 Td (protracted)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.859 0 Td [(punishmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.386 0 Td (phase)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.748 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.13 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.881 0 Td [(l)1 (a)-1 (st)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.858 0 Td [(un)28 (til)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.324 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.331 0 Td [(\(join)28 (t\))]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.075 0 Td [(exp)-28 (erimen)28 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.442 -1.2 Td [(dro)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.671 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.697 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.483 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.753 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.114 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.696 0 Td (trap.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.422 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.225 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.141 0 Td [(ou)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.755 0 Td (preliminary)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.342 0 Td [(exp)-28 (erimen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.566 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.253 0 Td [(t)28 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.863 0 Td (feasible)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.508 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.816 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.168 0 Td (\(not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.698 -1.2 Td [(rep)-28 (orted)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.141 0 Td (here\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.665 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.578 0 Td (found)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.912 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.273 0 Td [(c)-1 (o)-27 (op)-28 (eration)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.554 0 Td [(w)28 (as)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.029 0 Td [(t)28 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.19 0 Td [(ac)28 (hiev)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.134 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.497 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.168 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.246 0 Td [(one-p)-28 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.055 0 Td [(pun)1 (is)-1 (h)1 (m)-1 (en)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.442 -1.2 Td (strategies.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1150 0 obj <>stream H\ݎ@sm0_&5mS{%@Gݼ+EQˮϱvJm׌_&{j,I=Ra>[e; poeoӪKأ;clvi_>VZv˽: vSSk_+v:d|~9E߷&"꾱Xu';2yl6 aec,M(c].]Æa ` A35УќMGӣhz4GӣhΏ9?Cc1z =CW|W|W|cly_PSsrJsJ(uů#7vؠ>v:n/ Svc! ? endstream endobj 1151 0 obj [596.2 547.3 470.1 429.5 467 533.2 495.7 376.2 612.3 619.8 639.2 522.3 467 610.1 544.1 607.2 471.5 576.4 631.6 659.7 694.5 660.7 490.6 632.1 882.1 544.1 388.9 692.4 1062.5 1062.5 1062.5 1062.5 295.1 295.1 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 531.3 295.1 295.1 826.4 531.3 826.4 531.3 559.7 795.8 801.4 757.3 871.7 778.7 672.4 827.9 872.8 460.7 580.4 896 722.6 1020.4 843.3 806.2 673.6 835.7 800.2 646.2 618.6 718.8 618.8 1002.4 873.9 615.8 720 413.2 413.2 413.2 1062.5 1062.5 434 564.4 454.5 460.2 546.7 492.9 510.4 505.6 612.3 361.7 429.7 553.2 317.1 939.8 644.7 513.5 534.8 474.4 479.5 491.3 383.7] endobj 1152 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 114.269 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q q 1 0 0 1 278.604 198.204 cm 0 G 0.478 w 0 J []0 d 0 0 m 7.069 0 l S Q q 1 0 0 1 147.934 245.767 cm 0 G 0.478 w 0 J []0 d 0 0 m 46.299 0 l S Q q 1 0 0 1 152.674 257.687 cm 0 G 0.478 w 0 J []0 d 0 0 m 7.069 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (19)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 262.213 700.844 Tm (4.4.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Conver)50 (genc)50 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.321 -2.673 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.377 0 Td [(men)27 (tioned,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.962 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.427 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.907 0 Td (problems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.125 0 Td [(lik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.725 0 Td (ours)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.058 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.433 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.563 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.291 0 Td (general)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.303 0 Td [(con)28 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.343 0 Td (results:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.314 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.828 -1.438 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td [(kno)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.53 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.66 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.822 0 Td [(con)27 (v)28 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.973 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.17 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td (or,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.442 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.872 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td [(d)1 (o,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td [(con)27 (v)27 (e)1 (rge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.27 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.48 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.493 -1.855 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.45 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.832 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.37 0 Td [(v)28 (eri\fed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.464 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (practice.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.008 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.728 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(follo)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.171 0 Td (criterion:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.225 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.854 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (deemed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.467 0 Td [(ac)27 (hiev)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.079 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.631 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.338 0 Td [(pla)27 (y)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.046 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.821 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.921 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.344 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.875 0 Td [(c)27 (ha)1 (nge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.372 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.773 -1.438 Td (100,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.674 0 Td [(consecutiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.311 0 Td [(p)-27 (erio)-27 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.842 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.586 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.394 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.035 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.634 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td [(pla)27 (y)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.047 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.798 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.042 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.536 0 Td (s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.925 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -35.331 -1.438 Td (a)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 85.345 558.965 Tm (i;t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 94.137 560.758 Tm (\()Tj /T1_4 1 Tf (s)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.662 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td [(arg)-180 (max)-167 ([)]TJ /T1_4 1 Tf 3.8 0 Td (Q)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 183.069 558.965 Tm (i;t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 191.861 560.758 Tm (\()Tj /T1_4 1 Tf (a;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.334 0 Td (s)Tj /T1_0 1 Tf (\)])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.535 0 Td [(sta)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.554 0 Td [(constan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.044 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.591 0 Td [(100,)1 (000)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.63 0 Td [(rep)-28 (etition)1 (s)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.241 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.535 0 Td (assume)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.478 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.216 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.866 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.276 0 Td (completed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.696 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.772 0 Td [(pr)1 (o)-28 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.429 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.923 0 Td (attained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.881 0 Td (stable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.852 0 Td [(b)-27 (eha)27 (vior.)]TJ EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 477.811 547.906 Tm (25)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 490.898 543.568 Tm [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (stop)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.141 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(sim)27 (ulation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.765 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td [(o)-27 (ccurs,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.296 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.073 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (billion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.992 0 Td [(rep)-28 (etitio)1 (ns.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -16.018 -4.311 Td (4.5.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Exp)50 (eriments)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.601 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.9 0 Td [(outc)50 (omes)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.778 -2.673 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.666 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.116 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.44 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.028 0 Td (parameters,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.249 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td [(exp)-27 (erimen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.999 0 Td (consists)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.519 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.027 0 Td (1,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.469 0 Td (sessions.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.797 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.136 0 Td [(e)1 (ac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td (session,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.41 0 Td [(agen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.243 -1.438 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.163 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.42 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.494 0 Td [(opp)-28 (onen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.726 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.537 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.858 0 Td (large)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.434 0 Td [(n)27 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.604 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td [(p)-27 (erio)-27 (ds:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.456 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.858 0 Td (billion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.305 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td [(u)1 (n)27 (til)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.959 -1.438 Td [(con)27 (v)27 (erg)1 (ence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.414 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (de\fned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.372 0 Td [(ab)-28 (o)28 (v)27 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -9.988 -1.855 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (sessions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.643 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.153 0 Td [(c)1 (on)27 (v)27 (erge,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.301 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.472 0 Td (calculate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.112 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.334 0 Td [(asso)-27 (ciated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.694 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.261 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.394 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.93 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.34 0 Td [(ev)27 (en)27 (tually)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td (settled)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.243 0 Td (to.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.551 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.529 0 Td (discussed,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.614 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.523 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.59 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td (long-run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.999 0 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.385 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.907 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.168 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.676 0 Td [(algori)1 (thms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.836 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.621 0 Td (trained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.362 0 Td (o\013-line)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.225 0 Td [(b)-27 (efore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.927 0 Td [(b)-27 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.627 0 Td (put)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.185 0 Td [(w)27 (ork.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.654 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td [(eac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.064 -1.438 Td [(exp)-27 (erimen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.457 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.541 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.329 0 Td (calculate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.18 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (mean)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.711 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.003 0 Td (standard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.185 0 Td (error)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.492 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.596 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (1,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.656 0 Td [(indep)-27 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.72 -1.438 Td (sessions.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td [(observ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.489 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(v)54 (ariables)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td [(in)28 (terest)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.515 0 Td (\(prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.433 0 Td (pro\fts,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.325 0 Td [(mark)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td (shares,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.221 0 Td (etc\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td [(o)1 (ften)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.793 -1.438 Td (elect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td [(concen)27 (trate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.232 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.343 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.226 0 Td (indicator,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.389 0 Td (namely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.383 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.492 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.648 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.104 0 Td (\001,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.397 0 Td (de\fned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.355 0 Td (as:)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf -30.647 -2.286 Td (\031)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 0.814 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (\031)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 181.424 255.204 Tm (N)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 242.778 Tm (\(9\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 3.5 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.094 0 Td (\021)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.128 0 Td (;)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf -3.973 -0.686 Td (\031)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 155.003 238.031 Tm (M)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 11.9552 0 0 11.9552 167.14 234.577 Tm (\000)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (\031)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 186.164 238.031 Tm (N)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 208.573 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.833 0 Td (\031)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 120.139 212.912 Tm (N)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 132.162 208.573 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.989 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td [(p)-28 (er-\frm)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.785 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.67 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.147 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.66 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.676 0 Td [(e)1 (quilibrium,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.471 0 Td (\031)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 459.365 212.912 Tm (M)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 472.799 208.573 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.989 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.602 -1.438 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (full)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.855 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.173 0 Td [(\(monop)-27 (oly\),)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.69 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 2.045 0 Td (\031)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 1.059 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.126 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.828 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.807 0 Td [(up)-27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.617 0 Td [(con)27 (v)28 (ergence.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.826 0 Td [(Th)27 (us,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.894 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.281 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.453 -1.438 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.432 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.749 0 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.366 0 Td (outcome)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.979 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.966 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.145 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.879 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.748 0 Td [(p)-27 (erfectly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.115 0 Td [(collusiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.984 0 Td (outcome.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.08 -1.438 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td (main)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.532 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.134 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.579 0 Td [(fo)-27 (cusing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.897 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td (\001)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.068 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.992 0 Td (index)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.722 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.878 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td [(compar)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.543 0 Td (directly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.646 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.374 -1.438 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.862 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.243 0 Td (settings.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 106.726 Tm (25)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 103.111 Tm (An)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.67 0 Td [(alternativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.032 0 Td (standard)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.206 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td [(con)28 (v)28 (ergen)]TJ EMC /P <>BDC (ce)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.561 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.947 0 Td [(requ)1 (ire)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.396 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.752 0 Td [(en)27 (tries)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.233 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.17 0 Td (Q-matrices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.15 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.808 0 Td [(c)27 (h)1 (a)-1 (n)1 (ge)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.336 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.475 -1.2 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.622 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.453 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 2.626 0 Td (x)Tj /T1_2 1 Tf 0.572 0 Td (%)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.286 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.65 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.953 0 Td (certain)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.456 0 Td [(n)27 (u)1 (m)27 (b)-27 (e)-1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.763 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.259 0 Td [(p)-27 (erio)-28 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.906 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.403 0 Td (criterion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.125 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.125 0 Td [(di\013e)-1 (r)1 (e)-1 (n)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.068 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.484 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.842 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.953 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.591 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.137 -1.2 Td [(b)-28 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.7 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.916 0 Td (arg)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.573 0 Td (max)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.027 0 Td ([)Tj /T1_9 1 Tf (Q)Tj /T1_10 1 Tf 6.9738 0 0 6.9738 194.396 77.706 Tm (i;t)Tj /T1_2 1 Tf 9.9626 0 0 9.9626 203.089 79.2 Tm (\()Tj /T1_9 1 Tf (a;)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.362 0 Td (s)Tj /T1_2 1 Tf (\)])Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.469 0 Td [(do)-28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.256 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.779 0 Td [(c)28 (hange,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.582 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td (Q-matrices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.119 0 Td [(themselv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.012 0 Td [(migh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.861 0 Td [(k)27 (eep)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td [(c)28 (hanging.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1153 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 126.224 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q q 1 0 0 1 186.613 260.457 cm 0 G 0.478 w 0 J []0 d 0 0 m 102.672 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (18)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.864 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.905 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.02 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (length)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.028 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.151 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(mem)1 (ory)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.006 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.047 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.214 0 Td (here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.157 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.019 0 Td [(p)-28 (erfec)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.3 0 Td (monitoring,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.312 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.466 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (reasonable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.793 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td [(mark)27 (ets)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.704 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.828 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.168 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.265 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (used.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 382.906 687.992 Tm (23)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 661.482 Tm (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td (assumptions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.566 0 Td (imply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.747 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.497 0 Td [(e)1 (ac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td [(pla)28 (y)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.909 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.66 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.441 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.258 0 Td (j)Tj /T1_3 1 Tf (A)Tj /T1_5 1 Tf (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.567 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.039 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.183 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.904 0 Td (j)Tj /T1_3 1 Tf (S)Tj /T1_5 1 Tf 0.938 0 Td (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.556 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.039 0 Td (m)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 467.719 665.82 Tm (nk)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 477.977 661.482 Tm (.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -17.842 -3.494 Td (4.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.013 0 Td [(Explor)50 (ation)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.527 -2.401 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.503 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td [(p)-27 (oin)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.593 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.483 0 Td (2,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.145 0 Td [(giv)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.612 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td [(s)-1 (e)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.585 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.172 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.841 0 Td (S)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.043 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.96 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.743 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.585 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.38 0 Td (A)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.872 0 Td (Q-)Tj -36.854 -1.438 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.762 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.469 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.994 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td [(sp)-27 (eci\fed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.958 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.369 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(le)1 (arning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.762 0 Td (rate)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.022 0 Td (\013)Tj /T1_0 1 Tf 0.629 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.607 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(disco)1 (un)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.904 0 Td [(fa)1 (ctor)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.81 0 Td (\016)Tj /T1_0 1 Tf 0.471 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.607 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.913 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.908 -1.438 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.228 0 Td [(strateg)1 (y)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.064 0 Td (Here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.398 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.529 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.882 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.774 0 Td (simplest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.905 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.228 0 Td [(p)-27 (olicies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.547 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.773 0 Td (GLIE)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.54 -1.438 Td (class,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.514 0 Td [(namely)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.538 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.307 0 Td (")Tj /T1_0 1 Tf (-greedy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.859 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.858 0 Td [(wit)1 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.763 0 Td (time-declining)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.311 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.087 0 Td (rate.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (More)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td [(sp)-27 (eci\fcally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.122 -1.438 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.441 0 Td (set)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -1.441 -2.628 Td (\(7\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 3.5 0 Td (")Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 126.522 489.037 Tm (t)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 133.399 490.83 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.039 0 Td (e)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_8 1 Tf 7.9701 0 0 7.9701 151.25 495.766 Tm (\000)Tj /T1_6 1 Tf [(\f)-51 (t)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 11.9552 0 0 11.9552 166.553 490.83 Tm (;)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -7.307 -2.628 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.9 0 Td [(\f)-455 (>)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.169 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.888 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.888 0 Td (parameter.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.022 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.069 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.192 0 Td (initially)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.689 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.758 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.919 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.178 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.249 -1.438 Td (random)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.503 0 Td (fashion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.536 0 Td [(bu)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.707 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (passes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.866 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.116 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.468 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td (greedy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.041 0 Td [(c)27 (hoice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.823 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.361 0 Td [(a)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.816 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.361 0 Td [(frequen)27 (tly)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.455 -1.438 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.319 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.598 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (faster)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.698 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.14 0 Td (fades)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.481 0 Td [(a)28 (w)27 (a)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -3.317 -3.494 Td (4.3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.013 0 Td (Initialization)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -17.239 -2.401 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.885 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.892 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td [(w)27 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.03 0 Td (start)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.275 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.86 0 Td (clean)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.547 0 Td (slate,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.606 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.253 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.246 0 Td (Q)Tj EMC /P <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 425.815 352.766 Tm (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 434.769 354.56 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_9 1 Tf 1.115 0 Td (0)Tj /T1_0 1 Tf 0.562 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 458.071 358.898 Tm (24)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 471.469 354.56 Tm [(Ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.26 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td [(sp)-27 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.637 0 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.693 0 Td [(pro)-27 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.351 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td [(init)1 (ial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.769 0 Td [(Q-m)1 (atrices)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.949 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.062 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.468 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.082 0 Td (accordance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.944 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td (certain)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -35.004 -1.438 Td [(h)27 (yp)-27 (otheses.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.286 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.132 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.73 0 Td [(c)28 (hoice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.935 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.01 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.555 0 Td (Q)Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 368.405 318.385 Tm (i;)Tj /T1_4 1 Tf (0)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 378.373 320.178 Tm (\()Tj /T1_3 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.247 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td [(discoun)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.9 0 Td [(pa)28 (y)27 (o\013)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.385 -1.438 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (accrue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.047 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td [(pla)27 (y)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.911 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.66 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.897 0 Td [(opp)-27 (onen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.685 0 Td [(rand)1 (omized)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.276 0 Td (uniformly:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_10 1 Tf -13.523 -1.468 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 2.364 -0.75 Td (\031)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 235.159 274.681 Tm (i)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 238.54 276.474 Tm (\()Tj /T1_3 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.281 0 Td (a)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 259.995 274.681 Tm (i)Tj /T1_3 1 Tf 11.9552 0 0 11.9552 263.377 276.474 Tm [(;)-167 (a)]TJ /T1_8 1 Tf 7.9701 0 0 7.9701 274.766 274.681 Tm (\000)Tj /T1_6 1 Tf (i)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 284.734 276.474 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 7.9701 0 0 7.9701 186.613 265.371 Tm (a)Tj /T1_11 1 Tf 5.9776 0 0 5.9776 191.111 264.156 Tm (\000)Tj /T1_12 1 Tf (i)Tj /T1_8 1 Tf 7.9701 0 0 7.9701 200.029 265.371 Tm (2)Tj /T1_6 1 Tf (A)Tj /T1_12 1 Tf 5.9776 0 0 5.9776 212.018 267.64 Tm (n)Tj /T1_11 1 Tf (\000)Tj /T1_13 1 Tf (1)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.201 257.468 Tm (\(8\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 3.5 0 Td (Q)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 130.315 255.674 Tm (i;)Tj /T1_4 1 Tf (0)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 140.283 257.468 Tm (\()Tj /T1_3 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.281 0 Td (a)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 161.738 255.674 Tm (i)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 165.119 257.468 Tm [(\))-278 (=)]TJ /T1_1 1 Tf ( )Tj /T1_10 1 Tf 6.264 0.064 Td (Q)Tj /T1_3 1 Tf 4.222 -0.064 Td (:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -7.42 -0.686 Td (\(1)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 1.093 0 Td (\000)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 1 0 Td (\016)Tj /T1_0 1 Tf 0.471 0 Td (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 1.831 0 Td (j)Tj EMC /P <>BDC /T1_3 1 Tf (A)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 266.417 247.474 Tm (j)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 11.9552 0 0 11.9552 270.799 249.267 Tm (j)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 238.974 238.751 Tm (j)Tj /T1_8 1 Tf 0.487 0 Td (6)Tj EMC /P <>BDC /T1_4 1 Tf (=)Tj /T1_6 1 Tf (i)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 212.481 Tm (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td [(k)27 (eeping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.558 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.2 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.218 0 Td (\frst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td [(c)27 (hoices)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.654 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.041 0 Td (random.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.884 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.245 0 Td (a)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -37.45 -1.438 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.215 0 Td (spirit,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.828 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.399 0 Td (s)Tj EMC /P <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 239.689 193.497 Tm (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 248.323 195.29 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td [(dra)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.964 0 Td (randomly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.38 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(b)-27 (eginning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.488 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (session.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -33.162 -1.855 Td [(Ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.191 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.233 0 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td (robustness)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.778 0 Td [(c)27 (hec)27 (ks)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.999 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.205 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.871 0 Td (initializations,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.345 0 Td [(corresp)-27 (onding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.263 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td [(riv)54 (als)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.633 0 Td [(pla)27 (ying,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td [(e.)1 (g.,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.11 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.714 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.699 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.51 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.573 0 Td (enough)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.415 0 Td (exploration,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.456 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.111 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(insensitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.743 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.986 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.182 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (initialized.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_14 1 Tf 6.9738 0 0 6.9738 89.163 118.681 Tm (23)Tj EMC /Link <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 115.066 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.822 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.222 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.75 0 Td (Amazon.com)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6 0 Td (API)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.152 0 Td (a)Tj EMC /P <>BDC [(llo)28 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.006 0 Td (sellers)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.986 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.25 0 Td [(reco)28 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.45 0 Td [(curren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.505 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.971 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.2 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.869 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.917 0 Td [(pro)-28 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.113 -1.2 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.834 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.116 0 Td [(query)83 (.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_14 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (24)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.035 0 Td (\\zero")Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.094 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.146 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.702 0 Td (name)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.646 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.119 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.701 0 Td [(c)-1 (elebrat)1 (e)-1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.76 0 Td (program)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.985 0 Td (AlphaZero)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.899 0 Td (stands)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.102 0 Td (precisely)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.071 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.51 0 Td (\\zero)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.594 0 Td (prior)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.43 0 Td [(kno)28 (wl)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -42.641 -1.2 Td (edge.")Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1154 0 obj <>stream H\Mk0,.CwK^[I ,ߑ./!kazA/onη]kl8S秓y)ڮFќ0 ~:Ypa{ cqJyMUmpD_l]Iw߫r_Cpg!E>t󌙄·[p%Wӷڟt Rpl8nu^nH@ a0Ǖa4A*~*#Q}(Q؇"(QG>}(EQGfGhG?GF>cǰEH>&ǠA>} 1cǠa?L>6XC}lcه"XH:8Ҍ{,5ipagP>wߓ5!? /54 endstream endobj 1155 0 obj [312.5 562.5 562.5 562.5 562.5 562.5 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729.6 1150.9 1001.4 726.4 837.7 509.3 509.3 509.3 1222.2 1222.2 518.5 674.9 547.7 559.1 642.5 589 600.7 607.7 725.7 445.6 511.6 660.9 401.6 1093.7 769.7 612.5 642.5 570.7 579.9 584.5 476.8] endobj 1160 0 obj <>stream H\j@SJ I iKGc*u٘C޾ZO~tSmL:Uպrj϶ucbUE7Mn.NTWt ٌ:{QuNRw[QͲtv~ϾcAv6Wѝ ->7Dz#*=7-!}Ռ(6-dB20ի]$O/܎69=0İ@"<"> endobj 1163 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (17)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.928 0 Td (parameters)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.981 0 Td (a)Tj EMC /P <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 167.941 699.051 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 174.218 700.844 Tm [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.038 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.248 0 Td [(tak)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.581 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(pro)-28 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.588 0 Td [(qualit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.207 0 Td (indexes,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.647 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.717 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.124 0 Td (capture)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.452 0 Td [(v)27 (ertical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.786 -1.438 Td [(di\013eren)27 (tiation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.515 0 Td (whereas)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.638 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.849 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.917 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.294 0 Td (index)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.571 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.049 0 Td [(horizon)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.529 0 Td [(di\013eren)28 (tiation.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.515 0 Td [(Pro)-27 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.75 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.917 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.62 0 Td (outside)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -34.89 -1.438 Td [(go)-27 (o)-27 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.202 0 Td (a)Tj EMC /P <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 131.584 664.67 Tm (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 140.218 666.463 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(in)27 (v)28 (erse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.242 0 Td (index)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.638 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.406 0 Td (demand.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.85 -1.855 Td [(Eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.477 0 Td [(pro)-27 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.714 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.028 0 Td [(suppli)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.91 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.403 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.859 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.905 0 Td (\frm,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.382 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.245 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.954 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.027 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.006 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td [(n)28 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.606 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td (\frms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.768 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.055 0 Td [(p)-27 (er-)]TJ -36.227 -1.438 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.064 0 Td [(rew)27 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.254 0 Td (accruing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.934 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.086 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.678 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.002 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.248 0 Td (\031)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 294.804 625.307 Tm (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 304.92 627.101 Tm [(=)-308 (\()]TJ /T1_3 1 Tf 1.45 0 Td (p)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 328.13 625.307 Tm (it)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 11.9552 0 0 11.9552 337.369 627.101 Tm (\000)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.012 0 Td (c)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 354.504 625.307 Tm (i)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 357.886 627.101 Tm (\))Tj /T1_3 1 Tf (q)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 367.628 625.307 Tm (it)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 374.067 627.101 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.616 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.846 0 Td (c)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 420.495 625.307 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 427.988 627.101 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.002 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (marginal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td (cost.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.978 -1.438 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.446 0 Td (usual,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (\fxed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.366 0 Td (costs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.404 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(irrelev)55 (an)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.352 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.454 0 Td [(sta)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.073 0 Td [(activ)27 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.089 -1.855 Td (While)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.008 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.838 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.857 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.136 0 Td (deterministic,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.305 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.294 0 Td (principle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.178 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.355 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.838 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td (parameters)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.203 -1.438 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.607 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.329 0 Td [(sub)-54 (ject)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.401 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (random)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.587 0 Td [(sho)-27 (c)27 (ks.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.352 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.219 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.784 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.437 0 Td [(in)27 (v)27 (esti)1 (gate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.87 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.069 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.824 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td [(le)1 (v)27 (el)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -36.036 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td (\()Tj /T1_3 1 Tf 0.38 0 Td (a)Tj EMC /P <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 147.452 551.564 Tm (0)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 152.184 553.357 Tm (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.707 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td [(sto)-27 (c)27 (hastic,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.798 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.072 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(sto)-28 (c)28 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.527 0 Td [(en)28 (try)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (exit.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -28.36 -1.855 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.112 0 Td [(w)27 (ell-kno)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.13 0 Td (limit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.16 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td (logit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.275 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.955 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.029 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.024 0 Td (satis\fes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.651 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td [(con)27 (tro)27 (v)28 (ersial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.762 0 Td [(prop)-27 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.043 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -37.153 -1.438 Td [(Indep)50 (endenc)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.993 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.116 0 Td [(Irr)50 (elevant)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 4.442 0 Td [(A)25 (lternatives)]TJ /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.676 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.409 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.78 0 Td [(r)1 (obustness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.766 0 Td [(c)28 (hec)27 (k,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.872 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.404 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.07 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.776 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.304 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.76 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (linear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.794 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.774 0 Td [(func)1 (tions)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.295 0 Td [(deriv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.501 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.386 0 Td (quadratic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.453 0 Td (preferences)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 5.128 0 Td (\022)Tj EMC /P <>BDC 0 0 TD (a)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 0.918 0 Td (la)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (Singh)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.794 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.364 -1.438 Td [(Viv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.643 0 Td (\(1984\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.802 0 Td [(m)1 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (violate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.182 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(prop)-27 (ert)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -16.188 -3.356 Td (4.1.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.774 0 Td [(Discr)50 (etization)]TJ /T1_1 1 Tf ( )Tj /T1_7 1 Tf 6.251 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.625 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 2.975 0 Td [(sp)50 (ac)50 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -14.775 -2.522 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.162 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.755 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.114 0 Td (game,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.767 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.625 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.786 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.045 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.99 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.495 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.78 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.616 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.755 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.441 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.331 -1.438 Td (space,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.911 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.463 0 Td (discretize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.326 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.933 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td [(follo)28 (ws.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.508 0 Td [(F)81 (o)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (parameters,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.359 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.463 0 Td (compute)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.297 -1.438 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.314 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.657 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.197 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (one-shot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.924 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.559 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.906 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.517 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.781 0 Td (\(i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.037 -1.438 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.604 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.421 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.448 0 Td [(p)1 (ro\fts\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.876 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td [(d)1 (enoted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.74 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.401 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 410.307 362.112 Tm (N)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 422.772 357.773 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.945 0 Td (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 453.5 362.112 Tm (M)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 462.98 357.773 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.64 0 Td [(resp)-27 (ectiv)27 (ely)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.742 -1.438 Td (Then,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.914 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.527 0 Td [(tak)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.206 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.772 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.616 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.772 0 Td (feasible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.545 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.418 0 Td [(giv)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.641 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.448 0 Td (m)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td (equally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.458 0 Td (spaced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.246 0 Td [(p)-27 (oin)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.325 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.186 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td [(in)27 (terv)55 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.58 0 Td ([\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.393 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.03 0 Td (\030)Tj /T1_0 1 Tf 0.476 0 Td (\))Tj /T1_8 1 Tf (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 203.544 327.731 Tm (N)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_3 1 Tf 11.9552 0 0 11.9552 211.612 323.392 Tm (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.439 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.122 0 Td (+)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.014 0 Td (\030)Tj /T1_0 1 Tf 0.476 0 Td (\))Tj /T1_8 1 Tf (p)Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 260.104 327.731 Tm (M)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 269.583 323.392 Tm (],)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.914 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.872 0 Td [(\030)-400 (>)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.941 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.86 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.028 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.86 0 Td (parameter.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.993 0 Td [(F)81 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.798 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.151 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.185 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.527 -1.438 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.767 0 Td [(sp)-27 (eci\fcation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.643 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.504 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.591 0 Td (\030)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.86 0 Td [(=)-384 (0)]TJ /T1_3 1 Tf 1.635 0 Td (:)Tj /T1_0 1 Tf (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.264 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.842 0 Td (range)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.727 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.375 0 Td (10%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.184 0 Td [(b)-27 (elo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.836 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.238 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td (10%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td [(ab)-27 (o)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.775 0 Td [(monop)-27 (oly)81 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -2.775 -1.855 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.98 0 Td [(w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (discretizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.654 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.754 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.584 0 Td (implies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.654 0 Td (exact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.144 0 Td [(an)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.872 0 Td [(monop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.754 -1.438 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.832 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.174 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.793 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.385 0 Td (feasible,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.784 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.254 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.555 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.175 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.385 0 Td [(mix)1 (ed-strategy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.748 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.377 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.364 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.739 0 Td (stage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.759 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.863 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.645 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.957 0 Td (game.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.514 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.319 0 Td (design)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.955 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.806 0 Td (generically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.826 0 Td (end)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.808 0 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.373 0 Td [(pla)28 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.385 0 Td (pure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.037 -1.438 Td (strategies,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.634 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td [(migh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.802 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (cycle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.42 0 Td (around)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (target)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.883 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (feasible.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -26.154 -3.356 Td (4.1.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_7 1 Tf 2.774 0 Td (Memory)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -2.774 -2.522 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.469 0 Td (ensure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.078 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.713 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.427 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.643 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.012 0 Td (\fnite,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.469 0 Td [(p)-27 (osit)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.453 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.844 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.025 0 Td [(memory)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td [(Sp)-27 (eci\fcally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.331 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.65 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.345 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (de\fned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.079 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.061 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.306 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.073 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.725 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td [(la)1 (st)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.8 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.815 0 Td [(p)-27 (erio)-27 (ds:)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -34.564 -4.066 Td (\(6\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 3.5 0 Td (s)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 126.557 77.407 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 133.434 79.2 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.039 0 Td (f)Tj /T1_8 1 Tf (p)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 159.309 77.407 Tm (t)Tj /T1_9 1 Tf (\000)Tj /T1_5 1 Tf (1)Tj /T1_3 1 Tf 11.9552 0 0 11.9552 173.686 79.2 Tm (;)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.439 0 Td (:::;)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf 1.254 0 Td (p)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 201.402 77.407 Tm (t)Tj /T1_9 1 Tf (\000)Tj /T1_4 1 Tf (k)Tj /T1_6 1 Tf 11.9552 0 0 11.9552 216.166 79.2 Tm (g)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 0.667 0 Td (;)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1164 0 obj <>stream /Artifact <>BDC q 1 0 0 1 233.07 85.827 cm 0 G 0.359 w 0 J []0 d 0 0 m 8.185 0 l S Q q 1 0 0 1 186.051 85.827 cm 0 G 0.359 w 0 J []0 d 0 0 m 24.287 0 l S Q q 1 0 0 1 187.343 107.587 cm 0 G 0.359 w 0 J []0 d 0 0 m 22.805 0 l S Q q 1 0 0 1 149.615 94.921 cm 0 G 0.478 w 0 J []0 d 0 0 m 93.334 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (16)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.549 0 Td [(appro)27 (ximation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.551 0 Td [(tec)27 (h)1 (niques)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.815 0 Td (discussed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.282 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (2.5,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.872 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.824 0 Td [(sho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td (reinforce)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -33.943 -1.438 Td [(men)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.467 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.746 0 Td [(t)27 (ypical)1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.991 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td (dynamical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.698 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.625 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (comprise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.077 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (sort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.955 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td (replicator)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.861 -1.438 Td (dynamics.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.504 0 Td (Hopkins)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.714 0 Td (\(2002\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.948 0 Td (extended)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.063 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.587 0 Td (analogy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.519 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td [(mo)-27 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.198 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.016 0 Td (\fctitious)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.933 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.023 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.865 0 Td [(F)81 (uden)28 (b)-27 (erg)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.468 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (Levine)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.142 0 Td (1998\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.963 0 Td [(displa)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.324 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.215 0 Td [(appro)27 (ximated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.201 0 Td (dynamics.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -26.304 -1.855 Td [(Muc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.829 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.257 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.864 0 Td [(literat)1 (ure)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.407 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.252 0 Td (economics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.74 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.094 0 Td (aimed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.994 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.306 0 Td (explaining)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.815 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td (\fndings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.742 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(lab)-27 (oratory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.879 0 Td [(exp)-27 (erimen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.836 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td [(w)28 (orking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.791 0 Td [(h)28 (yp)-28 (o)1 (thesis)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.917 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.214 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.908 0 Td [(go)-27 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.486 0 Td (part)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.213 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.406 0 Td [(b)-27 (et)27 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.807 0 Td [(h)27 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.025 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td (lab)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.931 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.713 0 Td (Homo)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.902 0 Td [(Oe)50 (c)50 (onomicus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.011 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (stems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.537 -1.438 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.206 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.647 0 Td [(\(Du\013y)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.172 0 Td (2006\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.43 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.799 0 Td [(large)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.559 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.58 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.191 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td [(fo)-28 (c)1 (used)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.381 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.254 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td [(naiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.45 0 Td [(mo)-27 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.971 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.754 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (ground)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td [(t)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(exp)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.847 0 Td [(sub)-54 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.792 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.333 0 Td [(v)28 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (sophisticated.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -30.338 -1.855 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.355 0 Td [(pap)-27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.139 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.48 0 Td [(con)27 (trast,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.178 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td [(mo)1 (tiv)54 (ated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.717 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.48 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.71 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.384 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.967 0 Td (em)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.366 -1.438 Td [(plo)27 (y)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.152 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.777 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td [(outp)-27 (erform)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.192 0 Td [(n)1 (ot)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.818 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td [(t)27 (ypical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td [(exp)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.925 0 Td [(sub)-55 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.87 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.873 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.305 -1.438 Td (professional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.368 0 Td [(decision-m)1 (ak)27 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.353 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.277 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.84 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.644 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.037 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.175 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.9 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.176 0 Td (suc)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.25 -1.438 Td (ceed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td [(colludin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.237 0 Td [(tacitly)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.877 0 Td [(h)27 (umans)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.672 0 Td [(t)27 (yp)1 (ically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.047 0 Td (fail.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.98 0 Td [(Accordingly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.678 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.49 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.409 0 Td [(smar)1 (ter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.674 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.963 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.4 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.677 0 Td (considered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.908 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.515 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.802 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.011 0 Td [(eco)1 (nomic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.358 0 Td (literature,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.685 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.02 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.828 -1.438 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.529 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.502 0 Td (enough)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.373 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td [(e\013ec)1 (tiv)27 (ely)81 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -0.595 -3.251 Td (4.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 257.75 411.347 Tm (EXPERIMENT)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.292 0 Td (DESIGN)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 381.865 Tm [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.817 0 Td (construct)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.434 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.947 0 Td [(n)27 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.694 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.247 0 Td [(Q-)1 (learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.972 0 Td [(algorithm)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.977 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.035 0 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.545 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.634 0 Td [(in)28 (teract)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.748 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.947 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.27 -1.438 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.329 0 Td [(oligop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.342 0 Td (setting.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.641 0 Td (Here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.464 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.595 0 Td [(describ)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.939 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.84 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.397 0 Td [(en)28 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.783 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.954 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.753 0 Td [(op)-27 (erate,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.592 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.046 0 Td (strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.692 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.109 0 Td [(follo)28 (w,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.005 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.81 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.462 0 Td (details)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.012 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.021 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.592 0 Td [(n)27 (umerical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.781 -1.438 Td [(sim)27 (ulations.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 13.064 -3.689 Td (4.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Ec)50 (onomic)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.513 0 Td [(envir)50 (onment)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.59 -2.466 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.567 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.451 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.371 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.751 0 Td [(w)27 (an)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.404 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td (restrict)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.389 0 Td [(atten)27 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.226 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.206 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.861 0 Td [(sp)-27 (eci\fc)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.416 0 Td [(mark)27 (et,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.601 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.451 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.269 0 Td [(c)28 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.143 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.526 -1.438 Td [(w)27 (orkhorse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.608 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.796 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.379 0 Td (\rexible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.324 0 Td [(mo)-28 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.162 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.795 0 Td [(mo)-28 (d)1 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.89 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.095 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.373 0 Td [(com)1 (p)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.391 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td (logit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td [(dema)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.57 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.008 0 Td [(constan)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.052 0 Td (marginal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.184 0 Td [(c)1 (osts)-1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.014 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.849 0 Td [(sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td [(parame)1 (ters)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.167 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.898 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.436 0 Td [(mo)-27 (di\fed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.27 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.547 0 Td [(f)1 (actors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.225 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.247 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.241 0 Td [(v)28 (ertical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.52 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td [(horizon)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.634 0 Td [(pro)-27 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.71 0 Td [(di\013eren)27 (tiation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.621 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.725 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.269 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.151 -1.438 Td (demand.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.992 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.033 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.931 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.767 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.332 0 Td (applied)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.448 0 Td [(extensiv)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.031 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td (empirical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.264 0 Td [(w)27 (ork,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.686 0 Td (demonstrating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.5 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td [(pro)27 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.481 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(go)-28 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td (\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.251 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td [(man)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td [(di\013eren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.862 0 Td [(mark)27 (et)1 (s)-1 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.542 -1.855 Td (There)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.881 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.685 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.964 0 Td [(di\013eren)27 (tiated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.036 0 Td [(pr)1 (o)-28 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.111 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.957 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.413 0 Td [(outsid)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.431 0 Td [(g)1 (o)-28 (o)-27 (d.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.719 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.276 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.256 0 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.097 0 Td (t)Tj /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.005 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.739 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.569 -1.438 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td [(pro)-27 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.672 0 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.612 0 Td [(=)-278 (1)]TJ /T1_4 1 Tf 1.529 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.439 0 Td (2)Tj /T1_4 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.929 0 Td (:::;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.254 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.911 0 Td (is:)Tj /T1_1 1 Tf ( )Tj EMC /Figure <>BDC /T1_4 1 Tf -2.349 -2.624 Td (e)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9776 0 0 5.9776 187.343 110.027 Tm (a)Tj 0.675 -0.318 Td (i)Tj /T1_6 1 Tf 0.529 0.318 Td (\000)Tj /T1_5 1 Tf (p)Tj 1.605 -0.318 Td (it)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -1.277 -0.946 Td (\026)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 91.933 Tm (\(5\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 3.5 0 Td (q)Tj EMC /Span <>BDC /T1_7 1 Tf 7.9701 0 0 7.9701 126.234 90.139 Tm (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 135.994 91.933 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 9.046 -0 Td (:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf -7.907 -0.394 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9776 0 0 5.9776 186.051 89.429 Tm (a)Tj 0.675 -0.318 Td (j)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.653 0.318 Td (\000)Tj /T1_5 1 Tf (p)Tj 1.605 -0.318 Td [(j)-58 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.933 0.106 Td (a)Tj /T1_9 1 Tf 0.675 -0.3 Td (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9701 0 0 7.9701 162.234 84.071 Tm (n)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 11.9552 0 0 11.9552 179.43 78.26 Tm (e)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9776 0 0 5.9776 195.952 80.709 Tm (\026)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 214.688 78.26 Tm (+)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.984 0 Td (e)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 5.9776 0 0 5.9776 234.921 80.709 Tm (\026)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_7 1 Tf 7.9701 0 0 7.9701 162.234 74.773 Tm (j)Tj /T1_10 1 Tf 0.487 0 Td (=1)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1165 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 90.359 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (15)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (principle,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.279 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.129 0 Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.36 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td [(resp)-28 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.332 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.664 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.965 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.102 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td (stage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.489 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.537 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.965 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.469 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.057 0 Td (substitutes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.047 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.018 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.365 0 Td [(complemen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.206 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.141 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.065 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.821 0 Td (clear,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.692 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.897 0 Td (priori,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.018 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.834 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.357 -1.438 Td [(imp)-27 (edes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.813 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td (facilitates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.465 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.33 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.97 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td [(p)1 (ractice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td [(W)82 (altman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.269 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.93 0 Td [(Ka)27 (ymak's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.573 0 Td (\fndings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.676 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.387 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.529 -1.438 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.5 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.297 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.432 0 Td (based)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.826 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.461 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.295 0 Td [(b)-28 (eha)28 (vior.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.371 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.547 0 Td (noted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.821 0 Td [(ab)-27 (o)27 (v)28 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.147 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.304 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.058 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.907 0 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.966 -1.438 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.27 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.523 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.421 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td [(m)27 (y)28 (opic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.313 0 Td [(a)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.871 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td [(n)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.327 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.747 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.783 0 Td (conditions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.65 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.741 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.768 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.238 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.921 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.711 0 Td (unfeasible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.484 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.146 0 Td (emerge)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.254 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.079 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.132 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.753 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.221 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.493 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.14 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.569 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.385 0 Td [(far-sigh)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.421 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td [(conditi)1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.272 0 Td [(curren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.375 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.101 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.799 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.096 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td [(W)81 (altman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.218 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.878 0 Td [(Ka)27 (ymak)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.381 -1.438 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.726 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.959 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.02 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (Nash.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -5.61 -3.6 Td (3.3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(R)50 (ep)50 (e)50 (ate)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.038 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.575 0 Td (dilemma)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.483 -2.436 Td (When)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td [(a)1 (ction)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.029 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.708 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td (reduced)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.735 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.942 0 Td [(f)1 (easible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.55 0 Td (actions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.403 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.266 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.996 0 Td (Cournot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.405 -1.438 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.021 0 Td (collapse)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.531 0 Td (sort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.042 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.495 0 Td (dilemma.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.321 0 Td (There)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.906 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.062 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.894 0 Td [(substan)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.066 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.375 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.908 -1.438 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.08 0 Td [(learnin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.687 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.619 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.931 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.35 0 Td [(dilemma)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.176 0 Td [(wh)1 (ic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td (sometimes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.676 0 Td (\fnds)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.277 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.749 0 Td (signif)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.353 -1.438 Td [(ican)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.414 0 Td [(amoun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.556 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 0 Td [(co)-27 (op)-27 (eration.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.597 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.41 0 Td (dilemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.965 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.977 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td [(sp)-27 (ecial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.18 0 Td [(t)27 (yp)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.197 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td (stage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.501 0 Td (game,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.441 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.094 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.932 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td [(co)-27 (op)-28 (erate.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.68 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.006 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (often)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td [(ar)1 (gued)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.155 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.977 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (hard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td [(ac)27 (hiev)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.341 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.084 0 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.641 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.564 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.573 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.608 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.916 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.993 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td [(pla)27 (y)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.238 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.312 -1.438 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.901 0 Td (di\016cult)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.512 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.118 0 Td [(co)-27 (ordinate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.736 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.065 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.608 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.517 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.037 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.376 0 Td [(comm)27 (unic)1 (ation.)]TJ EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 409.672 409.536 Tm (22)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 421.606 405.197 Tm (Analyses)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.012 0 Td (based)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.647 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.357 0 Td (dilemma)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.911 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.149 0 Td [(addre)1 (s)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.432 0 Td [(th)1 (is)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td (concern.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.802 0 Td [(Th)27 (us,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.692 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.837 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.78 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.787 0 Td (man)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.765 -1.438 Td (aged)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.212 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(c)1 (o)-28 (op)-27 (erate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.389 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.614 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.926 0 Td (prisoner's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.345 0 Td [(di)1 (lemma,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.17 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.837 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.783 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.668 0 Td (constitute)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.503 0 Td [(conclusiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.64 -1.438 Td (evidence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td [(the)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (collude)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td (realistic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.65 0 Td (settings.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -14.16 -3.6 Td (3.4.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(R)50 (einfor)50 (c)50 (ement)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 6.451 0 Td [(le)50 (arning)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.763 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.2 0 Td [(e)50 (c)50 (onomics)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.534 -2.436 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.572 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.974 0 Td (broader)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.748 0 Td [(lev)27 (el,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.66 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.898 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.84 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (related)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.422 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.401 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.455 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.518 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.949 -1.438 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.24 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.883 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.125 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.003 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td (main)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.426 0 Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.358 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.665 0 Td [(m)1 (ark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.296 0 Td [(exp)-27 (er)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.277 -1.438 Td [(imen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.002 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.376 0 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.043 0 Td (Bergemann)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.233 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td [(V)490 (alim)490 (aki)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.267 0 Td (\(2006\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.125 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.575 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.44 0 Td (early)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.499 0 Td [(surv)27 (ey\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.539 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.804 0 Td [(al)1 (gorithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.809 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.649 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.103 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.845 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (exogenously)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.408 0 Td [(giv)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.518 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.867 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.322 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(exp)-27 (er)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.276 -1.438 Td [(imen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.745 0 Td [(optimally)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.568 0 Td (Optimizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.112 0 Td (along)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.609 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.908 0 Td (dimension)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.628 0 Td [(m)1 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.12 0 Td (certainly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.05 0 Td [(impro)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.684 0 Td (algorithms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.149 -1.438 Td [(p)-27 (erformance,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.885 0 Td [(esp)-27 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.422 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.152 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (short)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.517 0 Td (run.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.078 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.409 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.751 0 Td (aim)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.131 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.994 0 Td [(p)-28 (ositiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.633 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td (nor)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.2 -1.438 Td [(mativ)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.481 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.441 0 Td [(stic)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td (existing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.624 0 Td [(algo)1 (rithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.847 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.726 0 Td (do.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -25.453 -1.855 Td [(Reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.561 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.828 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.957 0 Td [(in)28 (tro)-27 (duced)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.969 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.217 0 Td (economics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.704 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.434 0 Td [(Arth)27 (ur)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.339 0 Td (\(1991\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.12 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.979 0 Td (later)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.359 0 Td [(p)-27 (opu)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.467 -1.438 Td (larized)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.26 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.466 0 Td (Roth)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.566 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td (Erev)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.43 0 Td (\(1995\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.424 0 Td (Erev)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.43 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td (Roth)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.566 0 Td (\(1998\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.152 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td (Ho)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.247 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.466 0 Td (\(2007\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.423 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.115 -1.438 Td (others.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.248 0 Td (Borgers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.614 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (Sarin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.589 0 Td (\(1997\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.078 0 Td (noted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.753 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td [(a)1 (nalogy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.65 0 Td [(b)-27 (et)27 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.812 0 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.18 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.785 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.365 -1.438 Td [(ev)27 (olutionary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.732 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.659 0 Td [(theory)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.366 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (analogy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.72 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.997 0 Td [(esp)-27 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.513 0 Td [(apparen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.21 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.999 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.898 0 Td (applies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.372 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (22)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm [(Kh)28 (un)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.749 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.945 0 Td [(T)84 (adelis)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.422 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1166 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 90.359 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (14)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.933 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.02 0 Td [(pap)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.669 0 Td (along)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.532 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td (lines)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.905 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.598 0 Td (Klein)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.531 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.239 0 Td (He)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.417 0 Td [(c)1 (onsiders)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.12 0 Td (Maskin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.353 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.825 0 Td (Tirole's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.726 -1.438 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.844 0 Td (example)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.975 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.37 0 Td (homogeneous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.129 0 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.197 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.044 0 Td (linear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.86 0 Td (demand.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.111 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.364 0 Td [(acco)1 (rdance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.145 0 Td [(w)1 (ith)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.039 -1.438 Td [(theory)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.276 0 Td (he)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.318 0 Td (\fnds)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.357 0 Td [(t)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.133 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.863 0 Td [(Q)1 (-learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.854 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.86 0 Td [(con)28 (v)27 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.011 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.787 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.829 0 Td [(constan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.961 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.072 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.875 0 Td (pattern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.54 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.179 0 Td [(resem)27 (bles)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.448 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.419 0 Td [(Edgew)28 (orth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.994 0 Td (cycle.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.751 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td (his)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.587 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.762 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.131 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.289 0 Td (6)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.875 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.741 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.873 -1.438 Td [(lev)27 (els,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.803 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.966 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.548 0 Td (roughly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.478 0 Td [(midw)27 (a)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.533 0 Td [(b)-27 (et)27 (w)27 (e)1 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.695 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.601 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.586 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.571 0 Td [(lev)28 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.819 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.601 0 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.346 -1.438 Td [(lev)27 (el:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.112 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.655 0 Td (terminology)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.382 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.084 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td [(p)1 (ap)-28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.988 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.656 0 Td [(aver)50 (age)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.485 0 Td [(pr)50 (o\ft)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.559 0 Td (gain)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 391.765 619.23 Tm (21)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 404.264 614.892 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.954 0 Td [(arou)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.287 0 Td (50%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (Enlarging)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.793 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.512 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.099 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.307 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td (12)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.289 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td (100)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.666 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.763 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.074 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.67 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.492 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.649 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.888 0 Td [(mak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.323 -1.438 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.98 0 Td [(m)27 (uc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td [(lik)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.585 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(alg)1 (orithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.846 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td [(con)27 (v)27 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(Edgew)27 (orth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.937 0 Td (cycle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.421 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.938 0 Td [(th)1 (an)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.983 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(constan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.949 0 Td (price.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.765 -1.855 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.797 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.073 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.595 0 Td [(in)27 (teresting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.782 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.867 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.105 0 Td [(broa)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.736 0 Td [(agreemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.668 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.193 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(o)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.002 0 Td (\fndings.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.885 0 Td [(Ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.178 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.584 -1.438 Td [(p)-27 (ostulate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.28 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.12 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td [(comm)1 (itmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.689 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.99 0 Td [(con)28 (tro)27 (v)27 (ersial,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.994 0 Td [(esp)-27 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.416 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.561 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.126 0 Td [(soft)27 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.846 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.421 -1.438 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td (adjust)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.956 0 Td [(pr)1 (ices)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.765 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.135 0 Td [(quic)27 (kly)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.549 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.997 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.164 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.97 0 Td (probably)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.093 0 Td [(consequ)1 (en)27 (tial,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.3 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.297 0 Td (theory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.195 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td [(exp)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.789 0 Td (evidence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.886 0 Td (suggest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.38 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.063 0 Td [(commitmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.627 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (facilitate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.994 0 Td [(co)-27 (ordination.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.898 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td [(p)-27 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.712 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td [(the)1 (ory)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.304 0 Td (Maskin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.474 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td (Tirole)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.925 0 Td (\(1988\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.087 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.299 0 Td [(sho)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.012 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.57 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td [(e)1 (quilibrium)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.236 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.092 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.383 0 Td [(supp)-27 (orted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.652 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.607 0 Td [(commitmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.735 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.035 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.049 0 Td [(a)27 (w)27 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.499 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.363 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (static,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.994 0 Td (one-shot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.973 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.281 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.154 -1.438 Td (pro\ft.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.003 0 Td (By)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.602 0 Td [(con)28 (trast,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.123 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td (folk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.97 0 Td [(theor)1 (em)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.872 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.562 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.064 0 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.009 0 Td [(sa)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.187 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.568 0 Td (exist)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.383 0 Td [(subg)1 (ame)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.238 -1.438 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.325 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.802 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.052 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.558 0 Td [(th)1 (an)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.286 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.672 0 Td [(equilibr)1 (ium.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.467 0 Td [(A)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.448 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.497 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (ex)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.664 -1.438 Td [(p)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.82 0 Td (evidence,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.142 0 Td [(Leufk)28 (ens)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.996 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.829 0 Td [(P)27 (eeters)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.343 0 Td (\(2011\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.183 0 Td [(sho)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.895 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.046 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.068 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.741 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.836 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (staggered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.911 -1.438 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.054 0 Td [(s)-1 (u)1 (bstan)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.992 0 Td [(co)-27 (op)-27 (eration)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.334 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.988 0 Td (easily)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.701 0 Td (attained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.866 0 Td [(ev)27 (e)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.233 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.158 0 Td [(h)27 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.241 0 Td [(sub)-54 (jects.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.066 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.206 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.066 -1.438 Td (Klein)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.629 0 Td (recognizes,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.921 0 Td [(Q-lea)1 (rning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.86 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.866 0 Td [(app)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.256 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td [(ac)27 (hiev)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.419 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.825 0 Td [(co)-27 (op)-27 (eration)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.351 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.303 0 Td [(h)27 (umans)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.646 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.216 0 Td (settings.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.358 -1.855 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.72 0 Td (di\013er)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.563 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.346 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.331 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (using)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.596 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.72 0 Td (canonical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.331 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.944 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td [(col)1 (lusion,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.337 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.611 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.394 0 Td (in\fnitely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.162 -1.438 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.968 0 Td (Bertrand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.145 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.526 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td [(whi)1 (c)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.77 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.331 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.423 0 Td (act)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.602 0 Td [(sim)27 (ultaneou)1 (s)-1 (l)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.617 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.874 0 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.267 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.945 -1.438 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.054 0 Td [(history)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.413 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.612 0 Td (depart)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.027 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td (canonical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.224 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.837 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.074 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td (assuming)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.181 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.743 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.925 0 Td [(memory)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.298 -1.438 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.445 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.635 0 Td (reasons)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.386 0 Td (explained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.328 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.091 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.635 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.844 0 Td [(sec)1 (tion.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.489 0 Td (Also,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.429 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.39 0 Td [(mak)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.504 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.309 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.403 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.631 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.355 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.408 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.167 0 Td (sustain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.375 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.968 0 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.349 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.487 0 Td [(observ)28 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.805 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td (turns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.608 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.786 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.146 -1.438 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.574 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.429 0 Td (hinge)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.677 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.427 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td [(p)-27 (ossibilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.729 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.182 0 Td [(con)1 (ditioning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.669 0 Td (one's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td [(curren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.467 0 Td [(p)1 (rice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.459 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.215 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.908 -1.438 Td [(comp)-27 (etitors')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.635 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.963 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (one's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.454 0 Td [(o)27 (w)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.127 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -3.792 -3.551 Td (3.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td (Cournot)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.863 0 Td [(c)50 (omp)50 (etition)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.459 -2.42 Td (Another)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.778 0 Td (group)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.718 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td [(pap)-28 (e)1 (rs,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.35 0 Td (including)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.187 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.343 0 Td (notably)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.507 0 Td [(W)82 (altman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.186 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.849 0 Td [(Ka)28 (ymak)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.832 0 Td (\(2008\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.262 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.691 0 Td (stud)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.762 -1.438 Td (ied)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.521 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.942 0 Td (Cournot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.806 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.159 0 Td (Here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.305 0 Td [(pla)28 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.24 0 Td (act)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.576 0 Td [(sim)27 (ultaneously)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.591 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.202 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.942 0 Td (recall,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.387 -1.438 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.168 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td [(mo)-28 (d)1 (el.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.149 0 Td [(They)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.685 0 Td [(to)-27 (o,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.951 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.924 0 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.269 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.087 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td [(f)1 (ar)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.461 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.196 0 Td [(comp)-27 (etitiv)28 (e:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.542 0 Td [(sp)-27 (eci\fcally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.123 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.509 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.665 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td [(exp)-28 (er)1 (imen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.087 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (around)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (60%.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (21)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.795 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td (formal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.142 0 Td [(de\fn)1 (ition,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.722 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.616 0 Td (equation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.083 0 Td (\(9\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.612 0 Td [(b)-27 (e)-1 (lo)28 (w.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1167 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 102.314 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (13)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.771 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.139 0 Td (place)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (job;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.949 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td [(sp)-27 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.715 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.771 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.249 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.912 0 Td [(imp)-27 (ortan)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.371 -1.438 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (shall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td (come)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.502 0 Td [(bac)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.286 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.351 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (concluding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.896 0 Td (section.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -7.418 -2.918 Td (3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 267.817 648.773 Tm (THE)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.486 0 Td [(LITERA)83 (TURE)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 620.62 Tm (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.027 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td [(pap)-28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td [(a)1 (nalyzed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.019 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.007 0 Td [(Q)1 (-learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.808 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.814 0 Td [(p)-27 (erform)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.665 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 0 Td [(oligop)-27 (olies,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.004 0 Td [(comp)-27 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.512 -1.438 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.843 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.447 0 Td (\fxed-strategy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.221 0 Td [(opp)-27 (onen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.753 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.265 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.447 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.625 0 Td (Q-learners.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.079 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.292 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.755 0 Td (former)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.197 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.924 -1.438 Td (theory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.129 0 Td (predicts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.759 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.903 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.504 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.252 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.872 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.155 0 Td [(resp)-27 (onse,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.282 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.96 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.965 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td [(w)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.821 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.356 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td (\fnds.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.676 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.072 0 Td [(latte)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.724 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.404 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.42 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.86 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.501 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.567 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td [(fo)1 (llo)27 (ws,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.546 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.044 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.819 -1.438 Td [(in)27 (teresting.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (Before)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.2 0 Td [(pro)-27 (ceeding,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.335 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.12 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.567 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td (said)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.159 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.262 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.343 0 Td (far)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.637 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.051 0 Td [(liter)1 (ature)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.438 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.887 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.452 0 Td (dominated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.982 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.907 -1.438 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.462 0 Td [(scien)27 (tists,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.561 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td (naturally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.326 0 Td (pursue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.271 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td [(o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.15 0 Td [(researc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.897 0 Td (agenda.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.557 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.926 0 Td (result,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td (primary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.703 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.485 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.288 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.338 0 Td [(algorithm)1 (s')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.095 0 Td [(p)-27 (erformance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.58 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.703 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td [(abilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.023 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td [(con)27 (v)27 (erge,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.248 0 Td [(sp)-27 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.57 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td [(con)27 (v)28 (ergence,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.778 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.998 0 Td [(pa)27 (y)27 (o\013.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.25 0 Td [(Relat)1 (iv)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.703 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.862 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.368 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.351 0 Td (addressed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.565 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.78 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.517 -1.438 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.998 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.005 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.952 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.606 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td [(collud)1 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.747 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.062 0 Td (none)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.496 0 Td [(pro)27 (vides)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.024 0 Td (clear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.497 0 Td (evidence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.101 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.518 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.36 -1.438 Td (question.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 14.564 -3.356 Td (3.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Stagger)50 (e)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.338 0 Td [(pric)50 (es)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.915 -2.355 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td (group)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.822 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.322 0 Td [(sp)-27 (eci\fcally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.003 0 Td (analyzes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.263 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.489 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td [(kno)27 (wledge,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.264 -1.438 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.424 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.572 0 Td [(pap)-27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.197 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.878 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.88 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.975 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (staggered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.421 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.892 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.518 0 Td (alternate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.198 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.127 -1.438 Td [(mo)27 (ving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.549 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.027 0 Td (commit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.658 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.319 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.938 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.516 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.352 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.619 0 Td [(t)28 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.972 0 Td [(p)-27 (erio)-27 (ds,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.827 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.324 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.265 0 Td (Maskin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.554 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.027 0 Td (Tirole)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.005 0 Td (\(1988\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.952 -1.438 Td [(Lik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.214 0 Td (Maskin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.511 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.983 0 Td (Tirole,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.235 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.586 0 Td [(pap)-27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.212 0 Td [(p)-27 (osit)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.506 0 Td [(Mark)28 (o)27 (v)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.641 0 Td [(b)-28 (eha)28 (vior,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.35 0 Td [(m)1 (eaning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.995 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.895 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.146 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.474 -1.438 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.244 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.313 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.34 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.308 0 Td [(riv)55 (als')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.809 0 Td [(c)1 (urren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td [(pric)1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.726 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.851 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.074 0 Td (history)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.244 0 Td [(\(i)1 (ncluding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.571 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.312 0 Td [(o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.229 -1.438 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.895 0 Td (prices\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -3.895 -1.855 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.164 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.849 0 Td (setting,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td [(s)-1 (e)1 (v)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.156 0 Td [(w)28 (orks)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.719 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td (found)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.687 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.916 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.991 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td [(lea)1 (s)-1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.136 0 Td [(s)-1 (o)1 (me)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td [(exten)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.004 -1.438 Td (Sometimes,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.118 0 Td [(ho)27 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.971 0 Td (either)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.719 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td [(mo)-27 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.241 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.631 0 Td (\fndings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.596 0 Td (exhibit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td (anomalies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.465 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td (raise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.235 0 Td (doubts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.053 -1.438 Td [(ab)-27 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.928 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.813 0 Td [(in)27 (terpretation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.356 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.813 0 Td (results.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.51 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.88 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.234 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.813 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.826 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.962 0 Td [(p)-27 (osited)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.532 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.909 -1.438 Td [(Green)27 (w)27 (a)1 (ld)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.935 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.229 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.447 0 Td (\(1999\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td [(T)82 (esauro)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.763 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td [(Keph)1 (art)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.947 0 Td (\(2002\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.583 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.773 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.159 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td [(di\013eren)27 (tiated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.285 -1.438 Td [(pro)-27 (ducts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.053 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.98 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td [(sp)-27 (ecial.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.455 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td [(add)1 (ition,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.129 0 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.308 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td (studies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.27 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.954 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.117 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td [(e\016cien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.614 0 Td [(\f)1 (rm)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.2 -1.438 Td [(mak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td [(lo)28 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.479 0 Td (pro\fts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.729 0 Td [(e\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.541 0 Td [(comp)-27 (etitor.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.172 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.369 0 Td [(anot)1 (her)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.512 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.03 0 Td (Kononen)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.057 0 Td (\(2006\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.222 -1.438 Td (\fnds)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.329 0 Td [(tha)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.764 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.439 0 Td [(sub)1 (s)-1 (ta)1 (n)27 (tially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.76 0 Td [(supra-comp)-27 (etitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.959 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.542 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.749 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.8 0 Td (\(a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.056 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.467 -1.438 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.401 0 Td (should)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.054 0 Td [(e\013ectiv)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.517 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.28 0 Td [(pla)27 (y)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.375 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.764 0 Td (one-shot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.87 0 Td (game\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.885 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.852 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.308 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.652 0 Td [(signi\fcan)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.394 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.04 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(discoun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.842 0 Td (factor)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.748 0 Td (\016)Tj /T1_0 1 Tf 0.471 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.545 0 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.014 0 Td [(w)27 (onders)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.733 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.856 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.069 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.279 0 Td (evidence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.891 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td [(m)27 (u)1 (c)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td [(co)1 (llusion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.238 -1.438 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.019 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.591 0 Td [(strate)1 (gy)81 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 91.156 Tm [(men)28 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.183 0 Td (Collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.378 0 Td [(i)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.988 0 Td (regarded)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.1 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.21 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.486 0 Td [(lik)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.622 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.149 0 Td [(relativ)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.347 0 Td (stable)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.878 0 Td [(en)28 (vironmen)28 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.408 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.211 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.983 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.828 0 Td (natural)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.487 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.205 0 Td (start)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.463 -1.2 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.78 0 Td (inquiry)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.447 0 Td [(precise)-1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.093 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.364 0 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.256 0 Td [(en)28 (vironmen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1168 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 197.955 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (12)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(riv)54 (als')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td [(pa)28 (y)27 (o\013s,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.51 0 Td (necessary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.304 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.111 0 Td (order)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.525 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td [(an)27 (ticipate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.512 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.308 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.967 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td [(m)28 (uc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.579 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.417 0 Td (demanding,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.993 -1.438 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.844 0 Td [(requiremen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.74 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td [(observ)55 (abilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.772 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (actions;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.623 0 Td (\()Tj /T1_3 1 Tf 0.38 0 Td (ii)Tj /T1_0 1 Tf 0.7 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.735 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.844 0 Td (curse)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.535 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td [(dimensionalit)27 (y)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.751 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.467 -1.438 Td (emerges)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.821 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.74 0 Td [(tra)1 (cing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.435 0 Td [(riv)55 (als')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.978 0 Td (optimization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.83 0 Td [(i)1 (ncreases)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.207 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.803 0 Td [(amoun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.68 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (information)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.421 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.273 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.53 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.816 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.267 0 Td (store)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.469 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.974 0 Td [(pro)-27 (cess;)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.752 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.975 0 Td (\()Tj /T1_3 1 Tf 0.38 0 Td (iii)Tj /T1_0 1 Tf 1 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.777 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td [(treatmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.612 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.186 0 Td [(m)28 (ultiple)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.905 0 Td [(e)1 (quilibria:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.672 -1.438 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.871 0 Td [(algorit)1 (hms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.854 0 Td [(fo)-28 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.517 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.369 0 Td [(di\013ere)1 (n)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.87 0 Td (equilibria,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.605 0 Td (problems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.203 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(mis-co)-27 (ordination)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.493 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.471 -1.438 Td (arise.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 105.929 619.23 Tm (17)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 579.714 Tm (2.5.3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.774 0 Td (State)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.5 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.625 0 Td (art)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.049 -2.384 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.153 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.492 0 Td [(s)-1 (c)1 (ience)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.41 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.438 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.887 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.881 0 Td [(y)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.772 0 Td [(dev)27 (elop)-27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.683 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td (consensus)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.617 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.357 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.337 0 Td [(join)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.984 -1.438 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.056 0 Td (And)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.717 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.479 0 Td (sophisticated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.917 0 Td [(\\rea)1 (s)-1 (o)1 (ning")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.366 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.831 0 Td [(join)27 (t-learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.069 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.877 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.636 -1.438 Td (capable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.56 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td (seem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.423 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td (o\013set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.613 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.71 0 Td [(adv)54 (an)28 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.647 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(indep)-27 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.572 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.777 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.749 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(lo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.711 -1.438 Td [(dimensionalit)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.796 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.295 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.276 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.759 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td [(sp)-27 (ectacular)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.218 0 Td (successes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.229 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.908 0 Td [(m)27 (ulti-agen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.295 0 Td [(en)27 (viron)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.461 -1.438 Td [(men)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.887 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (come)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.529 0 Td (through)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td [(indep)-27 (enden)27 (t-learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 9.327 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.874 0 Td (\(e.g.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.202 0 Td [(Silv)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.746 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.386 0 Td (2016,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td (2017,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.712 -1.438 Td (2018,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td [(T)81 (ampuu)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.89 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (2017\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -8.949 -1.855 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.051 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.323 0 Td [(learn)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.792 0 Td [(approac)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.527 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.398 0 Td [(con)27 (trast,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.097 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.824 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.35 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.486 0 Td (settled)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.199 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.943 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.487 0 Td (promising.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.477 -1.438 Td (While)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.014 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td [(iterativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.021 0 Td [(metho)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.723 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.063 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td (structure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.353 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.275 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td (neural)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.151 0 Td [(net)27 (w)28 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.885 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.975 0 Td (matter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.368 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.154 -1.438 Td [(con)27 (tin)27 (u)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.504 0 Td [(researc)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.101 0 Td (considerable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.598 0 Td [(pro)1 (gress)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.861 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.79 0 Td [(un)1 (questionably)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.848 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.354 0 Td (made.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.927 0 Td (Deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.531 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.514 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.989 0 Td [(curren)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.194 0 Td [(b)-28 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.644 0 Td (applied)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.432 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.691 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.404 0 Td [(div)27 (erse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.274 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.982 0 Td [(sett)1 (ings,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.878 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.507 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.99 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.344 0 Td (doubt)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.44 -1.438 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.98 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.849 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(ma)-55 (jor)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (impact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td [(p)1 (ricing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td [(soft)27 (w)28 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.841 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td [(w)27 (ell.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.813 -1.855 Td [(Nev)27 (ertheless,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.937 0 Td (here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.146 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.465 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.282 0 Td [(c)27 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.158 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.532 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.384 0 Td (simpler,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.729 0 Td (\\tabular")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.43 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.866 0 Td [(algori)1 (thms.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.149 -1.438 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.494 0 Td (discussed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.308 0 Td [(ab)-27 (o)27 (v)28 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.095 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td [(simplicit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.514 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.889 0 Td (helps)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td [(k)28 (eep)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td [(p)-27 (ossibly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.812 0 Td (arbitrary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.209 0 Td [(mo)-27 (deling)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.052 -1.438 Td [(c)27 (hoices)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.327 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.947 0 Td [(minim)28 (um.)]TJ EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 199.059 322.113 Tm (18)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 213.489 317.775 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td [(do)27 (wnside)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.353 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.246 0 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.338 0 Td [(relativ)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.401 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.182 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.544 0 Td [(tec)27 (hn)1 (ology)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.026 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td [(slo)27 (wness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.918 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.038 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.956 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.922 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.997 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.829 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.82 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.134 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.808 0 Td [(fo)-27 (cuses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.342 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.01 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.154 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.848 0 Td [(onc)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (completed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.678 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(tra)1 (ining)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.699 0 Td [(pro)-27 (cess.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.289 -1.855 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.193 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td [(tak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.465 0 Td (precisely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.961 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (o\013-the-job)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.69 0 Td [(approac)28 (h.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.445 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.399 0 Td (conform)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.738 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.154 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.644 0 Td (standard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.18 -1.438 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td [(alg)1 (orithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.873 0 Td [(b)-28 (efo)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.965 0 Td (assessing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.129 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.367 0 Td [(p)-27 (erformance.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.903 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.263 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.012 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.844 0 Td (sensible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.667 -1.438 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.256 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.243 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.243 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.284 0 Td [(en)27 (vironme)1 (n)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.67 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.025 0 Td (predictable.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 397.368 231.179 Tm (19)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 410.719 226.841 Tm (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.019 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td [(en)27 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.671 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.146 -1.438 Td [(c)27 (hange)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.248 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td (unpredictable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.159 0 Td [(w)27 (a)27 (y)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.189 0 Td [(ho)28 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.037 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.997 0 Td [(m)1 (ore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td (delicate.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 428.441 213.989 Tm (20)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 441.454 209.65 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.922 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.356 0 Td (some)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 190.412 Tm (17)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 186.797 Tm (Shoham)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.833 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (\(2007\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.111 0 Td [(pro)28 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.559 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (exce)Tj EMC /P <>BDC [(llen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.112 0 Td [(surv)28 (ey)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.147 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.562 0 Td [(metho)-28 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.033 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.392 0 Td (limits.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 178.457 Tm (18)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 174.842 Tm (More)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.605 0 Td (sophisticated)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.031 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.971 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.325 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.853 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.521 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.936 0 Td [(arc)28 (hitecture)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.552 0 Td (requiring)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.274 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.386 0 Td (parametrization.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -38.301 -1.2 Td [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.776 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.175 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.259 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.315 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.817 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.814 0 Td [(m)28 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.459 0 Td [(sp)-27 (ecify)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.292 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.759 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.175 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.703 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.817 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.925 0 Td [(e)-1 (x)1 (p)-28 (erimen)28 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.401 0 Td (parameters)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.687 -1.2 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.849 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.021 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.849 0 Td (functional)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.71 0 Td (form)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.381 0 Td [(f)1 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.547 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.738 0 Td (Q-function,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.321 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.738 0 Td [(n)28 (um)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.658 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.155 0 Td (estimation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.91 0 Td [(la)27 (y)28 (ers,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.108 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.96 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.738 0 Td (structure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.305 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.156 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.144 -1.2 Td (neural)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.058 0 Td [(net)27 (w)28 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.809 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.251 0 Td [(la)28 (y)28 (er.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 130.636 Tm (19)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 127.021 Tm [(Predictabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.214 0 Td [(i)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.924 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.309 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.308 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.981 0 Td [(synon)28 (ymous)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.568 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.142 0 Td [(simplicit)28 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.675 0 Td (Autonomous)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.786 0 Td (driving)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.338 0 Td (algorithms,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.149 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.45 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.691 -1.2 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.684 0 Td (trained)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.462 0 Td [(i)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.181 0 Td (realistic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.745 0 Td [(sim)28 (ulations)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.276 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.154 0 Td [(da)28 (y-to-da)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.015 0 Td (tra\016c)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.906 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.958 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.02 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.518 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.237 0 Td (face)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.042 0 Td (exceptional)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.264 0 Td (circumstances)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.462 -1.2 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.194 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.165 0 Td [(p)-28 (edestrian)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.809 0 Td [(ja)28 (yw)28 (alking)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.911 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.163 0 Td (cars)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.003 0 Td (passing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.449 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.772 0 Td (red)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.664 0 Td [(ligh)28 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.521 0 Td [(Lik)27 (ewise,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.236 0 Td (repricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.111 0 Td [(soft)28 (w)28 (are)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.863 0 Td [(dev)28 (elop)-28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.808 0 Td (probably)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.669 -1.2 Td (build)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.555 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.917 0 Td (arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.947 0 Td [(en)28 (vironmen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.147 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (train)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.447 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.391 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (20)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm (On)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.694 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.75 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.641 0 Td (hand,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.806 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.028 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.033 0 Td (generally)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.281 0 Td (recognized)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.919 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.194 0 Td [(stru)1 (c)-1 (tu)1 (ral)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.65 0 Td (breaks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.175 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.194 0 Td (disrupt)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.481 0 Td (price-\fxing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.225 0 Td (agree)Tj EMC /HyphenSpan <>BDC (-)Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1169 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 102.314 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (11)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 245.993 700.844 Tm (2.5.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td (Beyond)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.513 0 Td [(Q-le)50 (arning)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.477 -2.318 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.966 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.005 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.796 0 Td [(algo)1 (rithms,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.073 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.755 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.395 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.645 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td [(sim)28 (ulations,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.376 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.587 0 Td (adopted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.707 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.027 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.123 -1.438 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.341 0 Td [(scie)1 (nce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.257 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.893 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.088 0 Td (form)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td (basis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.393 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td [(recen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.898 0 Td [(dev)27 (elopmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.059 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.131 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (\feld.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.876 -1.438 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.393 0 Td [(algori)1 (thms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.873 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.285 0 Td [(t)28 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td [(signi\fcan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.684 0 Td [(dra)28 (wbac)27 (ks,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.063 0 Td [(ho)27 (w)28 (ev)27 (er.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.052 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.684 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.658 0 Td (unable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.182 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td (deal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.203 -1.438 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.175 0 Td [(con)28 (tin)27 (uous)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.846 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.344 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.848 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.882 0 Td (spaces.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.219 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.956 0 Td (spaces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.371 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.277 0 Td [(discreti)1 (zed,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.062 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.849 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.631 0 Td (\fner)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.174 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (discretization,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.268 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td [(slo)27 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.895 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.978 0 Td (Second,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.543 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.8 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.313 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (realize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.999 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.074 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.636 -1.438 Td [(pla)27 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.421 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td (game,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.822 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.333 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.747 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.978 0 Td (non-strategic.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.146 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.006 0 Td [(recen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.904 0 Td [(co)1 (mputer)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.345 0 Td (science)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.263 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.97 -1.438 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (tried)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.34 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (address)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.492 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.508 0 Td (problems.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -11.282 -2.744 Td (2.5.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.774 0 Td [(De)50 (ep)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.438 0 Td [(le)50 (arning)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -5.212 -2.318 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.45 0 Td [(con)28 (tin)27 (uous)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.822 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.319 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.825 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (spaces,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.195 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.191 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.814 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.737 0 Td [(smo)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.38 0 Td (function.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.027 0 Td [(V)81 (a)1 (lue-)]TJ -35.223 -1.438 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.825 0 Td [(appro)27 (xim)1 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.517 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.837 0 Td (estimate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.912 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.899 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.825 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.35 0 Td [(m)1 (eans)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.986 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.105 0 Td [(iterativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.852 0 Td [(up)-27 (dating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.108 -1.438 Td [(metho)-27 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.002 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.267 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (\(4\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.901 0 Td (Often,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.072 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.56 0 Td [(me)1 (tho)-28 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.685 0 Td [(implemen)28 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.845 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.412 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.05 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.168 0 Td [(neur)1 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.044 0 Td (net)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.255 -1.438 Td [(w)27 (orks)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.8 0 Td [(organiz)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.426 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.381 0 Td [(sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td [(la)28 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.773 0 Td (\(deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.686 0 Td (learning\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.427 0 Td [(Wh)1 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.875 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.707 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.42 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.925 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.957 0 Td (spaces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.023 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.636 -1.438 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.495 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td (large,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.658 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.81 0 Td [(smo)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.452 0 Td [(appro)27 (ximation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.521 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.263 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.957 0 Td [(serv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td [(sp)-27 (eed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.691 0 Td (up)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.407 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.732 0 Td [(pro)-27 (cess.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.662 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.888 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.324 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.175 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.182 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.026 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.795 0 Td (deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.264 0 Td [(lear)1 (ning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.733 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.439 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td [(up)-27 (date)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.27 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.527 -1.438 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.208 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.915 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.801 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.175 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.746 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.242 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.181 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.371 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.193 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.856 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.023 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.876 0 Td [(n)27 (um)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.623 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.175 0 Td [(neigh)27 (b)-27 (oring)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.937 -1.438 Td (cells.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (Deep)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.678 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.943 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.936 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.311 0 Td (su\013ered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.813 0 Td [(fro)1 (m)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.501 0 Td (failures)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.595 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.386 0 Td [(ac)27 (hiev)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td [(con)28 (v)27 (ergence,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.874 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.985 0 Td [(signi\fcan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.612 -1.438 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.941 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.482 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.032 0 Td [(fron)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.516 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.869 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.434 0 Td [(m)1 (ade)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td [(recen)27 (tly)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.012 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.229 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.265 0 Td (2015)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td [(Go)-28 (og)1 (le)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.42 0 Td [(paten)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.215 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.762 0 Td [(metho)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.51 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.442 0 Td [(up)-27 (dating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (Q-function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.869 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.692 0 Td [(pro)27 (v)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.128 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td [(succe)1 (s)-1 (sful)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.395 0 Td [(\(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.843 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.427 -1.438 Td [(pro)-27 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.019 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.317 0 Td [(i)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.888 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.813 0 Td [(la)1 (c)27 (king\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.874 0 Td [(Lo)-27 (osely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.458 0 Td [(sp)-27 (eaking,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.206 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.59 0 Td [(metho)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.467 0 Td (uncouples)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.424 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.59 0 Td [(up)-27 (dating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.106 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.66 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.823 0 Td (Q-functions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.282 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td [(app)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.21 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.334 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td [(righ)27 (t-hand)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.787 0 Td (side)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (\(4\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.209 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.66 0 Td [(metho)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.536 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.794 0 Td (enabled)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.637 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.895 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td [(attai)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.93 0 Td [(sup)-27 (erh)27 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.602 0 Td [(p)-27 (erformance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.651 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.883 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.293 -1.438 Td (tasks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.486 0 Td [(men)27 (tioned)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td [(ab)-28 (o)28 (v)27 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -7.246 -2.744 Td (2.5.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.774 0 Td (Joint)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.538 0 Td [(le)50 (arning)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -5.312 -2.318 Td [(Indep)-27 (enden)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.606 0 Td [(learnin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.73 0 Td (implies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.3 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.098 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.662 0 Td [(comp)-27 (eting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.737 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.824 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.337 0 Td [(n)1 (ot)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.716 0 Td (realize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.023 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.18 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.608 0 Td [(pla)27 (y)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.821 -1.438 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.774 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td (game.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.97 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.365 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.494 0 Td [(sci)1 (ence,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.682 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.051 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.492 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.887 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.453 0 Td (addressed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.613 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.827 0 Td (so-called)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.118 0 Td (joint)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -35.967 -1.438 Td [(le)50 (arning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.879 0 Td (literature.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.6 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.092 0 Td [(n)27 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.594 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.147 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.893 0 Td [(approac)27 (hes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.068 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.289 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.343 0 Td [(prop)-27 (osed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.47 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.16 -1.438 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.317 0 Td (equilibrium-based)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.007 0 Td [(join)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.372 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.113 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.643 0 Td [(pla)27 (y)28 (ers')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.656 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.41 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td (predicted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.384 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.448 0 Td [(mea)1 (ns)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.084 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.153 -1.438 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.453 0 Td (sort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.964 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td (notion.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 243.214 138.9 Tm (16)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 112.39 Tm (Generally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.555 0 Td [(sp)-27 (eaking,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.416 0 Td [(join)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.4 0 Td [(learnin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.868 0 Td (faces)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.486 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.616 0 Td (main)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.563 0 Td [(c)27 (hallenges:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.988 0 Td (\()Tj /T1_3 1 Tf 0.38 0 Td (i)Tj /T1_0 1 Tf 0.4 0 Td (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.822 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.8 0 Td [(observ)54 (abilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.859 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (16)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm [(Di\013eren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.239 0 Td (notions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.588 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.391 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 2.25 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.445 0 Td (used:)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.644 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.614 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.278 0 Td (Hu)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.028 0 Td [(W)84 (ellman)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.25 0 Td (\(1998\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.195 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.81 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.806 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.33 -1.2 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.586 0 Td [(Green)28 (w)27 (ald)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.954 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (Hall)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.14 0 Td (\(2003\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.111 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (correlated)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.673 0 Td [(equil)1 (ibrium.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1170 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (10)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.746 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.859 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.396 0 Td (made)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.675 0 Td (somewhat)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.639 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td (tractable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.198 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.424 0 Td (using)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.626 0 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.59 0 Td [(appro)27 (ximation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.741 -1.438 Td [(tec)27 (hniques)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.724 0 Td [(\(Ben)27 (v)27 (eniste)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.227 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.292 0 Td (1990\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.87 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.733 0 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.129 0 Td (turn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.108 0 Td [(sto)-28 (c)28 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.459 0 Td (dynamical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.637 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.566 0 Td [(in)28 (to)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.281 -1.438 Td (deterministic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.792 0 Td (ones.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.366 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.136 0 Td (economics,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.813 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td [(approac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.128 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(pio)1 (neered)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.318 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td (Borgers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.495 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.817 0 Td (Sarin)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.468 0 Td (\(1997\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.222 -1.438 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.452 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td (memoryless)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.216 0 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.103 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.709 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.867 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (Cross)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.632 0 Td (\(1973\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.275 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.86 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.935 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.838 0 Td (later)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.241 0 Td (applied)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.842 -1.438 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.359 0 Td (Hopkins)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.813 0 Td [(\(200)1 (2\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.045 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.903 0 Td (Beggs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.82 0 Td (\(2005\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.045 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(memoryl)1 (ess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.259 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.023 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (Erev)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.325 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.903 0 Td (Roth)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td [(\(19)1 (98\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.951 -1.438 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.793 0 Td [(pap)-27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.093 0 Td [(sho)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.385 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.645 0 Td (resulting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.99 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.29 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.943 0 Td (analogous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.479 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.155 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.646 0 Td (replicator)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.365 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.289 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.153 -1.438 Td [(ev)27 (olutionary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.537 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.122 0 Td (More)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.436 0 Td [(recen)27 (tly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.797 0 Td [(sto)-27 (c)27 (ha)1 (stic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.433 0 Td [(appro)28 (ximation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.435 0 Td [(t)1 (ec)27 (hniques)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.698 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.165 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.219 0 Td [(app)1 (lied)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.842 -1.438 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.01 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.243 0 Td (memoryless)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.307 0 Td (Q-learning:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.16 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.631 0 Td [(Blo)-27 (em)28 (b)-28 (ergen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.935 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.407 0 Td (\(2015\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.093 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.543 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.863 0 Td [(surv)27 (ey)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.317 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.27 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.956 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.924 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(o)1 (utcome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.926 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.993 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.826 0 Td [(com)27 (bination)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.585 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.125 0 Td [(rep)1 (licator)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.415 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.339 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.825 0 Td [(m)27 (utation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.225 0 Td (term)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.349 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.13 0 Td (captures)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.348 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (algorithms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.12 0 Td [(exp)1 (loration.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -6.806 -1.855 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.07 0 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.585 0 Td [(app)1 (ro)27 (ximation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.585 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.274 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.043 0 Td (certainly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.11 0 Td (useful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.865 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.853 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.038 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.021 0 Td [(sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.274 0 Td [(dr)1 (a)27 (w)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.522 -1.438 Td [(bac)27 (ks.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.889 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.604 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.612 0 Td (authors)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.488 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td (noted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td [(asymp)1 (totic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.983 0 Td [(prop)-27 (erties)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.548 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.061 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (deterministic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.389 -1.438 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.675 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (exactly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.414 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.729 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.495 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.605 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.157 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.729 0 Td [(sto)-27 (c)28 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.568 0 Td (ones)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.246 0 Td [(a)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td [(deriv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.469 0 Td (from.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.685 -1.438 Td (Second,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.512 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.418 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.607 0 Td (")Tj /T1_0 1 Tf (-greedy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.834 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.832 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.037 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.062 0 Td (used)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.157 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td [(th)1 (is)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.83 0 Td [(pap)-28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.942 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.607 0 Td (deterministic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.802 0 Td (dynam)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.705 -1.438 Td (ics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.379 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.943 0 Td (complicated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.4 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.319 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.646 0 Td (jumps)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.875 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td [(o)-28 (ccur)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.598 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.516 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.645 0 Td [(Q-v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.964 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.646 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.059 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.864 0 Td [(second)1 (-b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.008 -1.438 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.265 0 Td (cross,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.617 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.743 0 Td [(giv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.953 0 Td (raise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td [(h)27 (ybrid)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.042 0 Td (dynamical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.647 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (\(Gomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.543 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td [(Ko)27 (w)27 (alczy)1 (k,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.109 0 Td (2009;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.71 -1.438 Td [(W)82 (under)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.633 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.077 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td [(2)1 (010\).)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.872 0 Td (Third,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.981 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.491 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.621 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.265 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.05 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.986 0 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.878 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td [(c)28 (haracterized)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.89 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.038 -1.438 Td (\(see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.018 0 Td (e.g.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td (Kianercy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.216 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.959 0 Td [(Ga)1 (lst)27 (y)27 (an)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.174 0 Td (2012)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.551 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.748 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.037 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.871 0 Td (games\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.65 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(a)28 (v)54 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.08 0 Td [(qualitativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.922 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.156 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td [(m)27 (uc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td [(inform)1 (ativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.529 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.362 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (equilibria)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.325 0 Td (gets)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.018 0 Td (larger.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -30.74 -1.855 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.208 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.957 0 Td [(esp)-28 (eciall)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.385 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.469 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.659 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.386 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.997 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.095 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.414 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.605 0 Td [(in)28 (terested)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.466 0 Td (in.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.387 0 Td (Applying)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.024 -1.438 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.426 0 Td [(appro)28 (ximation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.427 0 Td [(tec)27 (hni)1 (ques)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.691 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.924 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.883 0 Td [(curren)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.089 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.585 0 Td [(fron)27 (tier)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.382 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.586 0 Td [(researc)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.21 -1.438 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.361 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.402 0 Td (science)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.319 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.955 0 Td [(i)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.192 0 Td (statistical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.521 0 Td [(ph)27 (ysics)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.433 0 Td (\(Barfuss)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.936 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (al.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td (2018\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.987 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.063 0 Td [(resul)1 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.237 -1.438 Td (deterministic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.806 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.558 0 Td [(app)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.163 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.122 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.374 0 Td [(complic)1 (ated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.365 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.265 0 Td [(memo)1 (ryless)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.185 0 Td [(coun)27 (terparts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.306 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.016 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td (relationship)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.448 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td (replicator)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.518 0 Td (dynamics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.441 0 Td [(lo)-27 (oser.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.191 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.335 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.898 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.308 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td [(b)-28 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.528 -1.438 Td [(kno)27 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.805 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.575 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.433 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.185 0 Td [(y)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td [(a)27 (v)55 (ailable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.098 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.569 0 Td (")Tj /T1_0 1 Tf (-greedy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.985 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.915 0 Td [(w)1 (ith)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.303 0 Td [(memory)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.044 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.323 -1.438 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.53 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.523 0 Td [(kno)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.638 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.579 0 Td (simpler)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.514 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.929 0 Td (suggests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.906 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.579 0 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.025 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (complex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.917 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.285 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.644 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.828 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.72 0 Td [(in)27 (terested)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.581 0 Td (in,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.502 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.938 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.16 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.883 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.944 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.345 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (resort)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.867 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td [(n)27 (umerical)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.576 0 Td [(in)27 (tegration)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.065 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (dynamical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.705 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.634 0 Td [(tha)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (emerge)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.313 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.526 0 Td [(appro)27 (ximation.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.425 -1.855 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.004 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.08 0 Td (so,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.569 0 Td [(ho)27 (w)27 (ev)27 (er)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.121 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.597 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.08 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.435 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.291 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.217 0 Td [(co)1 (mpared)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.556 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.325 0 Td [(n)27 (umerically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.372 0 Td [(s)-1 (i)1 (m)27 (ulating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.861 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (exact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.532 0 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.474 0 Td (system,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.468 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.625 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.764 0 Td (large)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.341 0 Td [(n)27 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.511 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.063 0 Td (times)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td [(s)-1 (m)1 (o)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.408 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td [(uncertain)27 (t)28 (y)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.883 -1.438 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.299 0 Td [(i)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.047 0 Td (precisely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.066 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.504 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.424 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.205 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.511 0 Td [(follo)27 (ws.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.55 0 Td [(Con)28 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.748 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.967 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.258 0 Td [(pla)27 (y)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.376 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.467 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(guaran)28 (teed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.032 0 Td (ex)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.278 0 Td [(an)27 (te,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.421 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.333 0 Td [(v)27 (eri\fed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td [(ex-p)-27 (ost.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1171 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 90.359 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 526.947 726.747 Tm (9)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 219.846 700.844 Tm (2.3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Q-le)50 (arning)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.863 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.2 0 Td [(r)50 (ep)50 (e)50 (ate)50 (d)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.738 0 Td (games)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -23.578 -2.378 Td (Although)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.386 0 Td [(Q-lear)1 (ning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.903 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td [(origin)1 (ally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.385 0 Td (designed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.038 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.257 0 Td (deal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.129 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.292 0 Td [(Mark)28 (o)27 (v)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.624 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.765 0 Td [(pro)-28 (cesses,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.565 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.288 -1.438 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.872 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.409 0 Td (applied)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.504 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.075 0 Td (games.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.292 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.301 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.986 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.421 0 Td [(ho)27 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.103 0 Td [(stationarit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.359 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.061 0 Td (inevitably)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.698 -1.438 Td (lost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.855 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.898 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (stage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.507 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.208 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(c)28 (hange)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.047 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (next.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -28.955 -1.855 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.052 0 Td (source)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.982 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.1 0 Td [(non-sta)1 (tionarit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.171 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.106 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.983 0 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.927 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.215 0 Td [(p)-27 (erfect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.248 0 Td (information,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.561 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.441 -1.438 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.318 0 Td (consist)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.176 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (mappings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.367 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.268 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (history)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.252 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.072 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td [(pla)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.078 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.152 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.484 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (actions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.551 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.642 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -35.869 -1.438 Td (s)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 84.714 579.687 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 91.868 581.48 Tm [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.401 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td [(de\fn)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.346 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (include)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td [(pla)28 (y)27 (ers')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.543 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.298 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.117 0 Td [(pre)1 (vious)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.869 0 Td [(p)-27 (erio)-28 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.679 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.919 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.872 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.661 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.944 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.889 0 Td [(p)-27 (erio)-27 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td [(includ)1 (ed,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.182 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.522 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 0 Td (states)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.084 0 Td [(exp)-27 (onen)27 (tially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.032 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.224 0 Td (time.)Tj EMC /Link <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 523.833 568.628 Tm (15)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 542.118 Tm (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.303 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.876 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.863 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.401 0 Td [(\f)1 (xed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.434 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.427 0 Td [(b)-28 (ounding)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.393 0 Td [(pla)28 (y)27 (ers')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.636 0 Td [(memory)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.039 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.597 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.066 0 Td (recall,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.951 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.884 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -35.87 -1.438 Td (s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.811 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.873 0 Td [(inc)1 (lude)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.395 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td [(c)28 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.156 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.71 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.88 0 Td (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.892 0 Td (stages,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.19 0 Td [(impl)1 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.075 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.423 0 Td (space)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.652 -1.438 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.333 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.502 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(time-in)27 (v)54 (a)1 (rian)27 (t.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -7.861 -1.855 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td (serious)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.16 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.748 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.924 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.938 0 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.883 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td [(p)-27 (er-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.699 0 Td [(pa)27 (y)27 (o\013)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.824 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td (transition)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.804 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.279 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.286 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.483 0 Td [(g)1 (enerally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.245 0 Td [(de)1 (p)-28 (end)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.482 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.406 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.443 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td [(p)1 (la)27 (y)27 (ers.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.651 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.061 0 Td [(pla)27 (y)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.992 0 Td (i)Tj /T1_0 1 Tf ('s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.401 0 Td [(riv)54 (als)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.678 -1.438 Td [(c)27 (hange)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.295 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.383 0 Td [(o)27 (v)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.876 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.682 0 Td [(t)1 (hey)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.262 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.692 0 Td [(exp)-27 (erimen)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.45 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.256 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.085 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.256 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.37 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.45 -1.438 Td [(pla)27 (y)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.91 0 Td (i)Tj /T1_0 1 Tf ('s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.318 0 Td (optimization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.712 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.809 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.894 0 Td [(inheren)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.624 0 Td [(non-stationary)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.267 -1.855 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.586 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.581 0 Td (shall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.43 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.723 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.956 0 Td [(mom)1 (en)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.192 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.348 0 Td [(non-stationarit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.325 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.886 0 Td (implications)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.639 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.636 0 Td [(con)27 (v)27 (erge)1 (nce.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.584 -1.438 Td (Before)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.059 0 Td (discussing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.586 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (issue,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.623 0 Td [(ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.026 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.332 0 Td [(w)27 (orth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td (noting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.047 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.897 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(algor)1 (ithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.421 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td [(pla)27 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.394 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.783 0 Td [(ga)1 (me,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.794 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td [(con)27 (tin)28 (ue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.883 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.109 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.783 0 Td (non-strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.847 0 Td [(w)27 (a)28 (y)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td [(algori)1 (thm)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -33.81 -1.438 Td (i)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.813 0 Td (regards)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.585 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.518 0 Td [(riv)55 (als)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.742 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.355 0 Td (part)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.274 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.268 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.838 0 Td [(en)27 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.783 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.056 0 Td [(con)27 (tin)27 (ues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.456 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td [(up)-27 (date)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.444 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.517 0 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.998 -1.438 Td (according)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.505 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.295 0 Td (\(4\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.948 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.839 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.329 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.356 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.295 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.431 0 Td [(a)27 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.874 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.22 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td [(in)28 (teracting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.021 0 Td (strategically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.74 -1.438 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.206 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.532 0 Td [(pla)27 (y)28 (ers:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.288 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.341 0 Td [(standp)-28 (oin)28 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.662 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.103 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.299 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.091 0 Td [(riv)54 (als)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.566 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.608 0 Td (treated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.348 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.912 0 Td [(lik)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.42 -1.438 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.618 0 Td [(p)-27 (ossibly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.826 0 Td [(relev)54 (an)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.762 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td [(v)54 (a)1 (riable.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.007 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.285 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.748 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.414 0 Td (science)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.331 0 Td (literature,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.631 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.971 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.054 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.872 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.172 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.028 0 Td (games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td (called)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.804 0 Td [(indep)50 (endent)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.453 0 Td [(le)50 (arning)]TJ /T1_0 1 Tf 3.412 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.628 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.716 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.246 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.826 -1.438 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.691 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td [(exp)-27 (erimen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 8.653 -3.425 Td (2.4.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Conver)50 (genc)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.663 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.2 0 Td [(the)50 (ory)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.103 -2.378 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.313 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.088 0 Td (games,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.305 0 Td [(ther)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.591 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td (general)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.462 0 Td [(con)28 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.502 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.201 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.586 0 Td [(Q-)1 (learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.93 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.15 -1.438 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.487 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.296 0 Td [(the)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.023 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.399 0 Td [(guaran)27 (tee)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.527 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.161 0 Td [(sev)28 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.254 0 Td [(Q-)1 (learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.88 0 Td [(agen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td [(in)28 (teracting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.962 0 Td [(rep)-27 (eatedly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.826 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.419 -1.438 Td (settle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.579 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.779 0 Td (stable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.797 0 Td (outcome,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.151 0 Td (nor)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(t)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.166 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.812 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.411 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.323 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.553 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.846 0 Td (\(that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.465 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.219 0 Td [(collectiv)28 (ely)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.046 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.881 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.545 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.26 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.063 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.621 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.295 0 Td [(b)-27 (ounded)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.063 0 Td (memory\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.498 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (ultimate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.981 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.216 -1.438 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.617 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.031 0 Td [(lac)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.134 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td [(con)27 (v)27 (ergen)1 (ce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.534 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.232 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td [(non-stationarit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.307 0 Td (discussed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.38 0 Td [(ab)-27 (o)27 (v)27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.168 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.487 0 Td (non-)Tj -36.039 -1.438 Td [(stationarit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.397 0 Td (considerably)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.75 0 Td (complicates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.397 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.801 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.797 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.801 0 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.641 0 Td (dynamical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.82 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.634 -1.438 Td (describing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.629 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.841 0 Td [(agen)27 (ts')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.297 0 Td [(p)1 (la)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td (games.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (15)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm [(F)83 (urth)1 (e)-1 (rmore,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.078 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.558 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.917 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td [(hop)-28 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 2.416 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td [(vis)-1 (i)1 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.534 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.506 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.45 0 Td [(t)28 (wice.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1172 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 178.081 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q q 1 0 0 1 181.277 140.932 cm 0 G 0.398 w 0 J []0 d 0 0 m 65.991 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (8)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (fraction)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.697 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td [(t)1 (imes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.695 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.54 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.222 0 Td (exploitation)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.373 0 Td [(mo)50 (de)]TJ /T1_0 1 Tf (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.878 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.636 0 Td (")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.864 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td [(fractio)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.696 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (times)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.651 -1.438 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.061 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.066 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.223 0 Td [(explor)50 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.113 0 Td [(mo)50 (de)]TJ /T1_0 1 Tf 2.199 0 Td (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.68 0 Td (More)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td [(sophisti)1 (cated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.967 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.222 0 Td [(p)-27 (olicies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.541 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.045 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.414 0 Td (designed:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.019 -1.438 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.544 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.155 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.843 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.169 0 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.462 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.051 0 Td (")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.832 0 Td [(v)54 (ary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.55 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.488 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.408 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.496 0 Td [(follo)27 (ws,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.534 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.072 -1.438 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.481 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.753 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.071 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.297 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.868 0 Td (sub-optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.458 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.39 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (tried)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td [(dep)-27 (end)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.466 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.427 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td [(resp)-27 (ectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.721 -1.438 Td [(Q-v)54 (alue)1 (s)-1 (.)]TJ EMC /Link <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 126.415 636.421 Tm (14)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 200.867 570.955 Tm (2.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td [(Conver)50 (genc)50 (e)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.663 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.9 0 Td (o\013-the-job)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.675 0 Td [(tr)50 (aining)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.428 -2.941 Td (Under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.11 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.621 0 Td (general)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.518 0 Td (conditions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.101 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.987 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.993 0 Td [(con)27 (v)27 (e)1 (rge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.145 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.342 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.832 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.736 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.385 -1.438 Td [(\(Da)27 (y)27 (an)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.467 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.93 0 Td [(W)81 (at)1 (kins,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.138 0 Td (1992\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.963 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.261 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.752 0 Td [(re)1 (quires)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.703 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td (algorithm's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.145 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.167 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.385 -1.438 Td [(b)-27 (elong)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.096 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.786 0 Td [(cla)1 (s)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.264 0 Td [(kno)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.069 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.172 0 Td [(Gr)50 (e)50 (e)50 (dy)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.215 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.172 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.596 0 Td (Limit)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.659 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.097 0 Td (In\fnite)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.423 0 Td [(Explor)50 (ation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.271 0 Td (\(GLIE\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td [(Lo)-27 (osely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.713 -1.438 Td [(sp)-27 (eaking,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.449 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.654 0 Td [(p)-28 (olici)1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.607 0 Td (satisfy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.204 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.649 0 Td [(in)27 (tuitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.036 0 Td [(re)1 (quiremen)27 (ts:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.244 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.268 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.287 0 Td (decrease)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.398 -1.438 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td (time;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.079 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.856 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.775 0 Td [(sta)1 (te)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.357 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.943 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.091 0 Td (in\fnitely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.066 0 Td (often,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.645 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.963 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td [(c)28 (ho)-28 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.934 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.809 0 Td [(fe)1 (asible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.811 -1.438 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.923 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.385 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.318 0 Td [(alw)27 (a)27 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.12 0 Td [(p)-27 (ositiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.608 0 Td [(\(alb)-27 (eit)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.113 0 Td (arbitrarily)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.691 0 Td (small\);)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.201 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.89 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.263 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td [(c)27 (ho)-27 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.977 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (greedy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.128 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (go)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.306 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.203 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.631 0 Td [(!)-278 (1)]TJ /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.974 -1.855 Td (While)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.844 0 Td [(con)27 (v)27 (ergence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.402 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.974 0 Td [(guaran)28 (teed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.021 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.763 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.497 0 Td [(condi)1 (tions,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.945 0 Td (completing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.993 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.676 0 Td [(lear)1 (ning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td [(pro)-27 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.858 -1.438 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (quite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.56 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.902 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (time.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.587 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.927 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td [(slo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.708 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.064 0 Td [(up)-27 (dates)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.763 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.234 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.88 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.826 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.287 0 Td [(a)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (time,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.518 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.921 0 Td [(appro)27 (xim)1 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.544 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.083 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.199 0 Td (generally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.177 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.694 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.22 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.529 -1.438 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.178 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.712 0 Td (times.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.933 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.058 0 Td (larger)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.82 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.241 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td (space,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.934 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.494 0 Td (iterations)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.402 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.895 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.935 -1.438 Td (needed.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (practice,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.001 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td [(iss)-1 (u)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.379 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.145 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.716 0 Td [(slo)27 (wness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.936 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.145 0 Td [(lear)1 (ning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.783 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td (addressed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.501 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.39 0 Td [(trainin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.716 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.422 -1.438 Td (o\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.689 0 Td (job,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.933 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td [(b)-27 (efore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.939 0 Td (putting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.483 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.505 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.198 0 Td [(w)27 (ork.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.667 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.109 0 Td (AlphaZero)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.816 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.884 0 Td (trained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.374 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.124 -1.438 Td [(self-pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.802 0 Td [(mo)-27 (de)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.6 0 Td [(b)-27 (efore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.899 0 Td (facing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.817 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td [(b)-27 (est)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td [(h)27 (u)1 (man)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.198 0 Td [(pla)27 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.258 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.077 0 Td (Go)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.545 0 Td [(\(Silv)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.063 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.322 0 Td (2016,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.517 0 Td (2017\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.899 0 Td [(Ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.809 -1.438 Td (though)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.347 0 Td (AlphaZero)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.843 0 Td (learns)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td [(m)27 (uc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.64 0 Td (faster)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.727 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.313 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td [(Q)1 (-learners,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.039 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.394 0 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td (lasted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.864 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.525 0 Td [(sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.054 -1.438 Td [(w)27 (eeks.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.048 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td (autonomous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.496 0 Td (driving)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.342 0 Td [(soft)28 (w)27 (are,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.109 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.553 0 Td [(a)1 (nother)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.586 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.104 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (training)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.696 0 Td (phase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.722 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.282 -1.438 Td [(t)27 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.025 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td (longer.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.237 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td [(d)1 (is)-1 (c)1 (uss)-1 (e)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.285 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td [(gr)1 (eater)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.345 0 Td (length)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.019 0 Td [(b)-28 (elo)28 (w,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.074 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.468 0 Td [(to)-27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(allo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td [(algor)1 (ithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.419 -1.438 Td (enough)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.372 0 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td [(b)-27 (efore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.938 0 Td (assessing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.101 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td [(b)-27 (eha)27 (vior.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 170.538 Tm (14)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 166.923 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.784 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.184 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.155 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.712 0 Td (so-called)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.051 0 Td (Boltzma)Tj EMC /P <>BDC (n)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.531 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.408 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.962 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.383 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.659 0 Td [(c)28 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.189 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.267 0 Td (probabilities)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 197.281 148.796 Tm (Q)Tj /T1_9 1 Tf 4.9813 0 0 4.9813 203.556 147.8 Tm (t)Tj /T1_7 1 Tf 6.9738 0 0 6.9738 206.862 148.796 Tm (\()Tj /T1_8 1 Tf (s)Tj /T1_9 1 Tf 4.9813 0 0 4.9813 213.735 147.8 Tm (t)Tj /T1_8 1 Tf 6.9738 0 0 6.9738 217.041 148.796 Tm (;a)Tj /T1_7 1 Tf (\))Tj /T1_8 1 Tf (=\034)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_10 1 Tf 9.9626 0 0 9.9626 192.643 145.181 Tm (e)Tj EMC /P <>BDC /T1_2 1 Tf -7.187 -0.677 Td (Pr\()Tj /T1_10 1 Tf (a)Tj /T1_8 1 Tf 6.9738 0 0 6.9738 140.866 136.947 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 9.9626 0 0 9.9626 147.141 138.441 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.056 0 Td (a)Tj /T1_2 1 Tf [(\))-278 (=)]TJ /T1_1 1 Tf ( )Tj /T1_11 1 Tf 2.765 0.046 Td (P)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 1.617 -0.75 Td (e)Tj EMC /P <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 205.952 134.307 Tm (Q)Tj /T1_9 1 Tf 4.9813 0 0 4.9813 212.227 133.311 Tm (t)Tj /T1_7 1 Tf 6.9738 0 0 6.9738 215.533 134.307 Tm (\()Tj /T1_8 1 Tf (s)Tj /T1_9 1 Tf 4.9813 0 0 4.9813 222.406 133.311 Tm (t)Tj /T1_8 1 Tf 6.9738 0 0 6.9738 225.712 134.307 Tm (;a)Tj /T1_12 1 Tf 4.9813 0 0 4.9813 232.4 136.299 Tm (0)Tj /T1_7 1 Tf 6.9738 0 0 6.9738 235.094 134.307 Tm (\))Tj /T1_8 1 Tf (=\034)Tj /T1_1 1 Tf ( )Tj /T1_8 1 Tf -7.717 -1.691 Td (a)Tj /T1_12 1 Tf 4.9813 0 0 4.9813 185.598 124.505 Tm (0)Tj /T1_13 1 Tf 6.9738 0 0 6.9738 188.293 122.512 Tm (2)Tj /T1_8 1 Tf (A)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 103.111 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.006 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.836 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 4.898 0 Td (\034)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.998 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.119 0 Td (often)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.643 0 Td (called)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.947 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.837 0 Td (system's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.103 0 Td [(\\temp)-27 (erature.")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.092 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.591 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.281 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 1.342 0 Td [(\034)-581 (>)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.264 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.225 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.504 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.508 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.194 -1.2 Td [(c)28 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.152 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.231 0 Td [(p)-27 (ositiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.652 0 Td [(probabilit)28 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.261 0 Td (When)Tj /T1_1 1 Tf ( )Tj /T1_10 1 Tf 2.868 0 Td (\034)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.828 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.056 0 Td (0,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.063 0 Td [(ho)27 (w)28 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.067 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.674 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.511 0 Td [(c)28 (ho)-28 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.519 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.674 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.953 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.231 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.674 0 Td (highest)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.415 -1.2 Td [(Q-v)56 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.695 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.114 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.112 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td [(th)28 (us)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.201 0 Td (ceases)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.955 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td [(exp)-28 (erimen)28 (t.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1173 0 obj <>stream H\Qj0 :v`/J@(Ʋpl%5,qCQ,KzYIYk%/yzIϖ#t8H&/9Gf҄x~LZ:M(fɷ NBw{T:.'oeoS_l`# كDF~DZdGԀir{UkECPy+“}z~evzye^}@wkFjݧ೵~ΰڭTxM&i endstream endobj 1174 0 obj [563.7] endobj 1175 0 obj <>stream H\Qj0 :v`/aR%mFƲK6sϱ2eI=K2ci5oA/8r)!Loب^Ib6|y?9 t +J5m׷^7@;#*4PZuf杍$hfw^ Byka-SɞךV'Ez~evzqek@wk%9Bc ˻Mgkau[F ǯE endstream endobj 1176 0 obj [441] endobj 1177 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 526.947 726.747 Tm (7)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (2.1.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.774 0 Td (Estimating)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.963 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.625 0 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -9.362 -2.324 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.958 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.101 0 Td [(essen)27 (tially)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.806 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.933 0 Td [(metho)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.68 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.613 0 Td (estimating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.909 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.803 0 Td [(Q)1 (-function)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.039 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.761 0 Td [(kno)27 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.979 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (underlying)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.819 0 Td [(mo)-28 (d)1 (el,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.134 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.529 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.637 0 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.287 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.787 0 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.77 0 Td (\()Tj /T1_4 1 Tf [(\031)-36 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.411 0 Td (s)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 352.197 660.211 Tm (0)Tj EMC /P <>BDC /T1_6 1 Tf 11.9552 0 0 11.9552 354.992 655.873 Tm (j)Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.178 0 Td (a)Tj /T1_0 1 Tf (\))Tj /T1_4 1 Tf (:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.444 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.187 0 Td [(ta)1 (s)-1 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.05 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.936 0 Td [(p)-27 (erformed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.629 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.493 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.283 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.226 0 Td (S)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.091 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.009 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (\fnite,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.879 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.225 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td [(state-dep)-27 (enden)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.508 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.76 -1.438 Td (assumptions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.837 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(Q-fun)1 (ction)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.923 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.894 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.36 0 Td (j)Tj /T1_4 1 Tf (S)Tj /T1_6 1 Tf 0.938 0 Td [(j)-222 (\002)-222 (j)]TJ /T1_4 1 Tf (A)Tj /T1_6 1 Tf (j)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.116 0 Td (matrix.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.755 -1.855 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.904 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.91 0 Td (estimate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.985 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.972 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.245 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td [(iterativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.925 0 Td [(pro)-27 (cedure.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.876 0 Td (Starting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.871 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.375 0 Td (an)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -36.909 -1.438 Td (arbitrary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.236 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.903 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 3.258 0 Td (Q)Tj EMC /P <>BDC /T1_8 1 Tf 7.9701 0 0 7.9701 213.602 580.336 Tm (0)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 218.334 582.129 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.673 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.388 0 Td [(c)28 (ho)-28 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.051 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.012 0 Td (a)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 345.514 580.336 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 353.869 582.129 Tm (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.217 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.474 0 Td (s)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 403.512 580.336 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 407.068 582.129 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.673 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.762 0 Td [(algorit)1 (hm)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.535 0 Td [(observ)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -34.395 -1.438 Td (\031)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 85.841 563.145 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 93.567 564.938 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.926 0 Td (s)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 122.111 563.145 Tm (t)Tj /T1_8 1 Tf (+1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 140.659 564.938 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td [(up)-27 (dates)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td [(corresp)-28 (ond)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.312 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.763 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.203 0 Td (Q)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 406.488 563.145 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 410.044 564.938 Tm (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.244 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.518 0 Td (s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.777 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.078 0 Td (s)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 486.063 563.145 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 489.619 564.938 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.621 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.83 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.078 0 Td (a)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 525.992 563.145 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 529.548 564.938 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.67 -1.438 Td (according)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.406 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (equation:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_10 1 Tf 6.281 -1.508 Td (\024)Tj 8.696 0 Td (\025)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -26.019 -1.41 Td (\(4\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 3.5 0 Td (Q)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 130.315 511.072 Tm (t)Tj /T1_8 1 Tf (+1)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 144.692 512.865 Tm (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.039 0 Td (\(1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 1.092 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1 0 Td (\013)Tj /T1_0 1 Tf 0.629 0 Td (\))Tj /T1_4 1 Tf (Q)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 232.808 511.072 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 236.364 512.865 Tm (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf [(\))-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.101 0 Td [(\013)-700.6 (\031)]TJ /T1_9 1 Tf 7.9701 0 0 7.9701 299.254 511.072 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 305.467 512.865 Tm (+)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.984 0 Td (\016)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.638 0 Td (max)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.989 0 Td (Q)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 357.904 511.072 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 361.46 512.865 Tm (\()Tj /T1_4 1 Tf (s)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 371.526 517.801 Tm (0)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 11.9552 0 0 11.9552 374.321 512.865 Tm [(;)-167 (a)]TJ /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.028 0 Td (:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 327.504 505.426 Tm (a)Tj /T1_5 1 Tf (2)Tj /T1_9 1 Tf (A)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 477.318 Tm [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.771 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.378 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.573 0 Td (cells)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.145 0 Td (s)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.768 0 Td (6)Tj /T1_0 1 Tf 2.171 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.921 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.821 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.069 0 Td (a)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 260.094 475.525 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 263.65 477.318 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.616 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(Q-v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.635 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.758 0 Td [(c)28 (hange:)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.526 0 Td (Q)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 433.88 475.525 Tm (t)Tj /T1_8 1 Tf (+1)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 448.257 477.318 Tm (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf [(\))-307 (=)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.271 0 Td (Q)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 499.984 475.525 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 503.54 477.318 Tm (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf (\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -28.14 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.069 0 Td (s)Tj /T1_9 1 Tf 7.9701 0 0 7.9701 200.724 475.525 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 11.9552 0 0 11.9552 241.173 477.318 Tm (6)Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -13.548 -1.438 Td (Equation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.233 0 Td (\(4\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.58 0 Td (tells)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (us)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.124 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.5 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (cell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.743 0 Td (visited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.137 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.015 0 Td [(v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.534 0 Td (Q)Tj EMC /P <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 394.314 458.334 Tm (t)Tj /T1_8 1 Tf (+1)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 408.691 460.128 Tm (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.225 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.987 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.82 0 Td [(con)27 (v)27 (ex)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.213 0 Td [(com)27 (bi)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.086 -1.438 Td (nation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.007 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.647 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.856 0 Td [(v)54 (a)1 (lue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.49 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.865 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.647 0 Td [(curren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.36 0 Td [(rew)27 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.197 0 Td (plus)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.032 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.647 0 Td [(discoun)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.835 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.49 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.076 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.646 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.87 -1.438 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td [(reac)28 (hed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.563 0 Td (next.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.012 0 Td [(w)27 (eigh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.102 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.907 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.944 0 Td ([0)Tj /T1_4 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (1])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (called)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.774 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.754 0 Td [(rat)1 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -27.596 -1.855 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.024 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td [(iterativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.907 0 Td [(pro)-27 (cess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.456 0 Td [(con)27 (v)27 (erge)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.43 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.113 0 Td [(Q-mat)1 (rix,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.587 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.506 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.894 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.494 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (op)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.581 -1.438 Td (timal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.6 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.927 0 Td (a)Tj /T1_0 1 Tf (\()Tj /T1_4 1 Tf (s)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (arg)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.54 0 Td (max[)Tj /T1_4 1 Tf (Q)Tj /T1_0 1 Tf 2.87 0 Td (\()Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf (\)])Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.537 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.273 0 Td (absolutely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.7 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.404 0 Td (prior)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.436 0 Td [(kno)27 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.776 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.158 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -34.433 -1.438 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.77 0 Td (\()Tj /T1_4 1 Tf [(\031)-36.1 (;)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.411 0 Td (s)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 110.784 373.532 Tm (0)Tj EMC /P <>BDC /T1_6 1 Tf 11.9552 0 0 11.9552 113.579 369.193 Tm (j)Tj /T1_4 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.178 0 Td (a)Tj /T1_0 1 Tf (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.505 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.99 0 Td [(the)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.996 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.344 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.827 0 Td [(c)27 (hance)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.194 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td (really)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.703 0 Td [(appro)27 (ximating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.54 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.697 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.079 0 Td (matrix,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.466 0 Td [(ho)28 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.242 -1.438 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.33 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.294 0 Td [(m)27 (u)1 (st)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.396 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.302 0 Td (tried)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.31 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.112 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.331 0 Td (states.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.027 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.205 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.968 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.091 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.431 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.716 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (instructed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.638 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td [(exp)-27 (erimen)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.382 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.601 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.22 0 Td (gather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.07 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td [(info)1 (rmation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.328 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.383 0 Td (selecting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.001 0 Td [(ac)1 (tions)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.348 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.145 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.146 0 Td [(app)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.261 0 Td (sub)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.142 -1.438 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(ligh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(kno)28 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.732 0 Td (acquired)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (past.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.984 -1.855 Td [(Plainly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.551 0 Td [(suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.209 0 Td [(exp)-27 (erimen)27 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.263 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (costly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.809 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.155 0 Td [(en)27 (tails)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.08 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.818 0 Td [(trade)1 (-o\013.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.216 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td [(b)-27 (ene\ft)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.238 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (explo)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.358 -1.438 Td (ration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.83 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.932 0 Td [(b)-27 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.973 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td (turn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.124 0 Td [(impro)27 (v)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td (future)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (decisions.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.31 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.959 0 Td [(do)27 (wnside)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.169 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.932 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.907 -1.438 Td [(pic)27 (king)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.364 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.353 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.93 0 Td (randomly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.372 0 Td [(inste)1 (ad)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.37 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.108 0 Td [(c)27 (ho)-27 (osing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.969 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.678 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.223 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td (largest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.152 0 Td [(curren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.393 0 Td [(Q-v)55 (alue,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.379 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.461 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.208 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (exploit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.365 0 Td [(sto)-28 (c)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.536 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (acquired)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td [(kno)27 (wledge.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.522 -1.855 Td (Finding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.616 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (resolution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.506 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.895 0 Td [(trade)1 (-o\013)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.928 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.969 0 Td (problematic.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.643 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.228 0 Td (theory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.151 -1.438 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.613 0 Td [(exp)-27 (erimen)27 (tation,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.557 0 Td (progress)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.841 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (made)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.634 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (simpli\fed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.434 0 Td (settings.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.896 0 Td [(F)81 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.777 0 Td (frame)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.193 -1.438 Td [(w)27 (orks)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.692 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (general)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.286 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (considered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.705 0 Td (here,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.306 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.653 0 Td [(y)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.545 0 Td [(kno)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.469 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.361 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.273 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.504 0 Td [(explora)1 (tion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.127 -1.438 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.878 0 Td [(migh)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.796 0 Td [(lo)-27 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.116 0 Td [(lik)28 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.408 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.845 0 Td [(rat)1 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.278 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.835 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.842 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.354 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.224 0 Td (try)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.599 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td (optimize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.965 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.126 -1.438 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td [(resp)-28 (ect)1 (:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.623 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(mo)-27 (de)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(in)27 (tensit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.004 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.141 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td [(sp)-27 (eci\fed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.949 0 Td [(exogenously)81 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -29.288 -1.855 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.001 0 Td (simplest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.807 0 Td [(p)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td [(explorati)1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.129 0 Td [(p)-28 (o)1 (licy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.872 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.805 0 Td (sometimes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.732 0 Td (called)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.763 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.674 0 Td (")Tj /T1_0 1 Tf (-greedy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.901 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.899 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td (explo)Tj EMC /HyphenSpan <>BDC 2.257 0 Td (-)Tj EMC /P <>BDC -37.616 -1.438 Td (ration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.9 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.124 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(curren)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.206 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.607 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.955 0 Td [(\(i)1 (.e.,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.247 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.812 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.248 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (highest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.395 0 Td [(Q-v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.651 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td [(relev)55 (an)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.75 0 Td (state,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.722 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.014 0 Td [(kno)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.151 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (\\greedy")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.158 0 Td [(actio)1 (n\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.368 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.281 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.867 0 Td (\fxed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.417 0 Td [(probabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.056 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.745 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.034 0 Td (")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.483 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.884 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td [(random)1 (ize)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.711 0 Td (uniformly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.44 0 Td (across)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.874 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.34 0 Td [(ot)1 (her)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.535 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.303 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.985 0 Td (")Tj /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.036 0 Td [(Th)27 (us,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.731 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 0.671 0 Td (\000)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.958 0 Td (")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.764 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.964 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1178 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 114.269 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm [(endea)27 (v)27 (o)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.176 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.19 0 Td [(in)28 (v)27 (olv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.744 0 Td [(s)-1 (u)1 (btle)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.957 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.044 0 Td (reasoning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.698 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.754 0 Td (conjecture)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.774 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.853 0 Td (reasonable.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.133 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.323 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (course)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.015 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.997 0 Td (needs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.689 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.35 0 Td [(v)28 (eri\fed,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.716 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.922 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.002 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td [(high-priorit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.729 0 Td (task)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.117 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.16 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.704 0 Td (agenda)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.336 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.514 0 Td (future)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.359 -1.438 Td [(w)27 (ork.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td [(pro)27 (vide)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.481 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(self-con)27 (tained)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.153 0 Td [(in)27 (tro)-27 (duction)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.603 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.841 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -12.471 -3.95 Td (2.1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_3 1 Tf 2.013 0 Td (Single-agent)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.525 0 Td [(pr)50 (oblems)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.883 -2.553 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.973 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.013 0 Td (originally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.456 0 Td [(prop)-27 (osed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.298 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.492 0 Td [(W)82 (atkins)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.971 0 Td (\(1989\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.178 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.328 0 Td [(tac)27 (kle)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.96 0 Td [(Mark)27 (o)27 (v)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.695 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.836 0 Td (pro)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.2 -1.438 Td (cesses.)Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 111.912 553.701 Tm (12)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 126.026 549.362 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.328 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.92 0 Td [(Mark)27 (o)27 (v)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.667 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.809 0 Td [(pro)-27 (cess,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.786 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.247 0 Td [(eac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td [(p)-28 (e)1 (rio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.151 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.809 0 Td [(=)-455 (0)]TJ /T1_5 1 Tf 1.706 0 Td (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.439 0 Td (1)Tj /T1_5 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.928 0 Td (2)Tj /T1_5 1 Tf (;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 0.929 0 Td (:::)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.246 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.465 0 Td [(ag)1 (en)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.742 0 Td [(observ)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.395 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.904 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.487 0 Td [(v)54 (ariable)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.759 0 Td (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 170.195 530.378 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 11.9552 0 0 11.9552 178.859 532.172 Tm (2)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.094 0 Td (S)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.992 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.318 0 Td [(c)27 (ho)-27 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.58 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.448 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.025 0 Td (a)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 358.728 530.378 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 11.9552 0 0 11.9552 367.392 532.172 Tm (2)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.094 0 Td (A)Tj /T1_0 1 Tf (\()Tj /T1_5 1 Tf (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 399.311 530.378 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 402.867 532.172 Tm (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.067 0 Td [(F)81 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.842 0 Td [(an)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.937 0 Td (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 466.318 530.378 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 474.826 532.172 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.992 0 Td (a)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 504.782 530.378 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 508.338 532.172 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.686 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -36.582 -1.438 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.652 0 Td (obtains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.447 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.831 0 Td [(rew)27 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.251 0 Td (\031)Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 207.554 513.188 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 211.11 514.981 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.613 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.918 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.262 0 Td [(mo)27 (v)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.93 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.375 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.21 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.218 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.413 0 Td (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 447.844 513.188 Tm (t)Tj /T1_4 1 Tf (+1)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 462.22 514.981 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.613 0 Td (according)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.42 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.852 0 Td (\(time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.646 0 Td [(in)27 (v)54 (a)1 (rian)27 (t\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.524 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.04 0 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.37 0 Td (F)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.77 0 Td (\()Tj /T1_5 1 Tf (\031)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 319.955 495.997 Tm (t)Tj /T1_5 1 Tf 11.9552 0 0 11.9552 323.511 497.79 Tm [(;)-167 (s)]TJ /T1_6 1 Tf 7.9701 0 0 7.9701 334.27 495.997 Tm (t)Tj /T1_4 1 Tf (+1)Tj /T1_7 1 Tf 11.9552 0 0 11.9552 348.646 497.79 Tm (j)Tj /T1_5 1 Tf (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 357.481 495.997 Tm (t)Tj /T1_5 1 Tf 11.9552 0 0 11.9552 361.037 497.79 Tm [(;)-167 (a)]TJ /T1_6 1 Tf 7.9701 0 0 7.9701 372.427 495.997 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 375.983 497.79 Tm (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.015 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (simplest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.853 0 Td (settings,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.909 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -36.582 -1.438 Td (distribution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.361 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.146 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.358 0 Td [(deg)1 (enerate,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.192 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.226 0 Td (\031)Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 268.558 478.807 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 276.311 480.6 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.928 0 Td (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 304.88 478.807 Tm (t)Tj /T1_4 1 Tf (+1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 323.453 480.6 Tm [(b)-27 (ecome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.533 0 Td (deterministic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.905 0 Td (functions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.246 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.14 0 Td (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 506.188 478.807 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 513.94 480.6 Tm (and)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf -36.364 -1.438 Td (a)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 85.345 461.616 Tm (t)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 88.902 463.409 Tm (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -0.811 -1.855 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.77 0 Td [(mak)27 (er's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.66 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.874 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.049 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.262 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.444 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td [(exp)-27 (ected)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.145 0 Td [(pr)1 (esen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.471 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.595 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.181 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.751 0 Td [(rew)27 (ard)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.031 -1.438 Td (stream:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_8 1 Tf 4.45 -1.313 Td [(")-3233 (#)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 143.776 402.846 Tm (1)Tj EMC /P <>BDC /T1_8 1 Tf 11.9552 0 0 11.9552 139.376 399.26 Tm (X)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -5.033 -0.95 Td (\(1\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 3.5 0 Td [(E)-2419.5 (\016)]TJ EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 164.27 392.838 Tm (t)Tj EMC /Span <>BDC /T1_5 1 Tf 11.9552 0 0 11.9552 167.826 387.902 Tm (\031)Tj EMC /StyleSpan <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 174.467 386.109 Tm (t)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 11.9552 0 0 11.9552 186.989 387.902 Tm (;)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 7.9701 0 0 7.9701 141.071 374.154 Tm (t)Tj /T1_4 1 Tf (=0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 349.433 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.757 0 Td [(\016)-315 (<)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.745 0 Td [(represen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.535 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.615 0 Td [(discoun)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.823 0 Td (factor.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.002 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.164 0 Td [(dy)1 (namic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.872 0 Td (programming)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.967 0 Td [(probl)1 (em)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.735 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.913 0 Td (usually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.916 -1.438 Td [(attac)27 (k)27 (e)1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.997 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(Bellman')1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.506 0 Td [(v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.53 0 Td (function)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -16.453 -2.628 Td (\(2\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 3.5 0 Td (V)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.788 0 Td (\()Tj /T1_5 1 Tf (s)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.501 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.039 0 Td (max)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf 1.989 0 Td (f)Tj /T1_5 1 Tf (E)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td ([)Tj /T1_5 1 Tf (\031)Tj /T1_7 1 Tf 0.863 0 Td (j)Tj /T1_5 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.178 0 Td (a)Tj /T1_0 1 Tf [(])-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.992 0 Td [(\016)-37 (E)]TJ /T1_0 1 Tf 1.255 0 Td ([)Tj /T1_5 1 Tf (V)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (\()Tj /T1_5 1 Tf (s)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 287.906 305.761 Tm (0)Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 290.702 300.825 Tm (\))Tj /T1_7 1 Tf (j)Tj /T1_5 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.559 0 Td (a)Tj /T1_0 1 Tf (])Tj /T1_7 1 Tf (g)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.453 0 Td (;)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 163.484 293.386 Tm (a)Tj /T1_9 1 Tf (2)Tj /T1_6 1 Tf (A)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 267.698 Tm (where)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.927 0 Td (s)Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 119.71 272.037 Tm (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 127.586 267.698 Tm (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.915 0 Td (shorthand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.728 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.594 0 Td (s)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 232.566 265.905 Tm (t)Tj /T1_4 1 Tf (+1)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 246.943 267.698 Tm (.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.697 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.852 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.839 0 Td [(purp)-27 (oses)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.162 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td [(con)27 (v)27 (enien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.94 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.295 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.912 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.889 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.954 0 Td (precursor)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.44 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td [(v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.667 0 Td (function,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.245 0 Td (namely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.538 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.823 0 Td (Q-function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.061 0 Td [(represen)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.663 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td [(cum)27 (ulativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.292 -1.438 Td [(discoun)27 (ted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.874 0 Td [(pa)27 (y)27 (o\013)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.884 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.02 0 Td [(a)1 (ction)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.936 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.84 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.399 0 Td (s)Tj /T1_0 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 317.63 237.656 Tm (13)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 330.499 233.317 Tm (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (implicitly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.379 0 Td (de\fned)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.372 0 Td (as:)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -30.816 -2.628 Td (\(3\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 3.5 0 Td (Q)Tj /T1_0 1 Tf 0.775 0 Td (\()Tj /T1_5 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.281 0 Td (a)Tj /T1_0 1 Tf [(\))-278 (=)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.212 0 Td (E)Tj /T1_0 1 Tf 0.783 0 Td (\()Tj /T1_5 1 Tf (\031)Tj /T1_7 1 Tf 0.972 0 Td (j)Tj /T1_5 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.178 0 Td (a)Tj /T1_0 1 Tf [(\))-222 (+)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.101 0 Td [(\016)-37 (E)]TJ /T1_0 1 Tf 1.255 0 Td ([max)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.261 0 Td (Q)Tj /T1_0 1 Tf (\()Tj /T1_5 1 Tf (s)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 293.618 206.836 Tm (0)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_5 1 Tf 11.9552 0 0 11.9552 296.413 201.9 Tm [(;)-167 (a)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 307.802 206.836 Tm (0)Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 310.597 201.9 Tm (\))Tj /T1_7 1 Tf (j)Tj /T1_5 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.559 0 Td (a)Tj /T1_0 1 Tf (])Tj /T1_5 1 Tf (:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 251.809 194.317 Tm (a)Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 5.9776 0 0 5.9776 256.307 196.587 Tm (0)Tj EMC /P <>BDC /T1_9 1 Tf 7.9701 0 0 7.9701 258.992 194.317 Tm (2)Tj /T1_6 1 Tf (A)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 168.429 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(Q-)1 (function)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.814 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.876 0 Td [(re)1 (lated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.155 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.577 0 Td [(v)54 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.421 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.251 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.577 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.943 0 Td [(iden)27 (tit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.509 0 Td (V)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.788 0 Td (\()Tj /T1_5 1 Tf (s)Tj /T1_0 1 Tf (\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 1.501 0 Td (\021)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 1.056 0 Td (max)Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 485.777 166.636 Tm (a)Tj /T1_9 1 Tf (2)Tj /T1_6 1 Tf (A)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 11.9552 0 0 11.9552 504.754 168.429 Tm (Q)Tj /T1_0 1 Tf (\()Tj /T1_5 1 Tf (s;)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.056 0 Td (a)Tj /T1_0 1 Tf (\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.652 -1.438 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.029 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td [(agen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.688 0 Td (knew)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.58 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (Q-function,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.245 0 Td (he)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.356 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.661 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td (easily)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.749 0 Td (calculate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.13 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td [(optim)1 (al)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.64 0 Td [(p)-27 (olicy)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.124 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.691 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.591 0 Td [(actio)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td (state.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_11 1 Tf 6.9738 0 0 6.9738 89.163 106.726 Tm (12)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 103.111 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td (reader)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.062 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.005 0 Td (referred)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.703 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td (Sutton)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.278 0 Td (and)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 1.944 0 Td (Barto)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.822 0 Td (\(2018\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.112 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.53 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (in-depth)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.001 0 Td [(di)1 (s)-1 (cussion.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_11 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (13)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.128 0 Td (term)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.463 0 Td (Q-function)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.101 0 Td [(deriv)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.414 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.437 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.794 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.045 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.238 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.795 0 Td [(Q-v)55 (alue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.767 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.906 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.433 0 Td [(though)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.823 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.212 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.3 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.461 0 Td (index)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.767 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.211 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.142 -1.2 Td [(\\Qualit)28 (y")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.611 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td (action)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.999 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.862 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_12 1 Tf 2.451 0 Td (s)Tj /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1179 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 102.314 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 526.947 726.747 Tm (5)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.427 0 Td (7)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(conclud)1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.411 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(di)1 (s)-1 (c)1 (uss)-1 (i)1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.585 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.454 0 Td [(m)1 (a)-55 (jor)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td [(op)-27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.367 0 Td (issues.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -9.462 -3.285 Td (2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 280.858 661.57 Tm (Q-LEARNING)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 631.952 Tm (All)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.567 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.109 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.716 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.81 0 Td [(sha)1 (re)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.524 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.779 0 Td (common)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.879 0 Td (structure,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.428 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.764 0 Td (naturally)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.179 0 Td [(ap)1 (p)-28 (eals)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.755 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (economists.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.231 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.255 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.201 0 Td (adapt)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.772 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.337 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.996 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.126 0 Td [(exp)-27 (erience,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.057 0 Td (taking)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.017 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.321 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.238 0 Td [(p)1 (ro)27 (v)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.161 0 Td (successful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.429 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td [(frequen)28 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.603 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.884 0 Td (unsuccessful)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.517 0 Td (ones)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.161 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.786 0 Td [(frequen)27 (t)1 (ly)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.794 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.889 0 Td [(w)28 (a)27 (y)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.093 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.845 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.357 0 Td (optimal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.588 0 Td [(p)-27 (olicy)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.071 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.813 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.881 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td [(appro)27 (ximates)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.041 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.683 0 Td [(optim)27 (um,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.837 -1.438 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.34 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (prior)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td [(kno)28 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.732 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (particular)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.515 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.809 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (hand.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -26.573 -1.855 Td [(Bey)27 (ond)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.582 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.969 0 Td (basic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.513 0 Td [(stru)1 (cture,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.525 0 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.207 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.813 0 Td (comes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.948 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td [(man)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.726 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.922 0 Td [(v)55 (arieties.)]TJ EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 523.833 545.357 Tm (11)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 523.828 Tm [(Ideally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.47 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.866 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.926 0 Td [(lik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.865 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.267 0 Td [(exp)-27 (erimen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.156 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.633 0 Td [(alg)1 (orithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.916 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.192 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.519 0 Td [(prev)55 (alen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.314 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.127 -1.438 Td (practice)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (but,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.114 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.248 0 Td [(men)27 (tioned)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.806 0 Td [(ab)-27 (o)27 (v)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.093 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.385 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.031 0 Td [(kn)1 (o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.147 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.406 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td [(sp)-27 (eci\fc)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.452 0 Td [(soft)28 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.886 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.5 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.545 -1.438 Td (use.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.999 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.789 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.776 0 Td [(purp)-27 (oses,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.371 0 Td [(ho)27 (w)27 (e)1 (v)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.061 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td [(c)27 (hoice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td [(m)28 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.461 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.368 0 Td (restricted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.393 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.883 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.294 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.451 -1.438 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.775 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.899 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td [(k)28 (eep)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td [(trac)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.497 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td [(riv)55 (als')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (actions,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.59 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (memoryless)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.256 0 Td [(a)1 (gen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.02 0 Td [(ar)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td (unable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.114 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td (punish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.202 0 Td [(riv)55 (als')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.902 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.169 0 Td (defections)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.588 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.195 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.251 0 Td [(g)1 (en)27 (uinely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.392 0 Td (collude.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.632 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.276 0 Td (rules)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.385 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td [(f)1 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.956 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (outset)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.944 0 Td [(man)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td [(reinforcemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.147 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td [(mo)-27 (dels.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.196 -1.855 Td (Within)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.378 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.719 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.561 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.148 0 Td [(mo)-27 (dels)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.154 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.828 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.365 0 Td [(endo)27 (w)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.003 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.263 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.849 0 Td [(memory)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.004 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.473 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.291 0 Td [(c)27 (hosen)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.166 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.228 0 Td [(fo)-28 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.759 -1.438 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.519 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.279 0 Td [(Ther)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.987 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td [(sev)27 (eral)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.374 0 Td (reasons)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.597 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td [(c)27 (hoice.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.341 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.816 0 Td (Q-learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.428 -1.438 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.888 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td (designed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.017 0 Td (expressly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.24 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.42 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td [(p)1 (resen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.445 0 Td [(v)54 (alu)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.57 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.156 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.857 0 Td [(\ro)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.156 0 Td [(rew)27 (ard)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.662 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.126 -1.438 Td (problems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.177 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.099 0 Td [(rep)-27 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.981 0 Td [(c)27 (hoice.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.166 0 Td [(Secon)1 (d,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.573 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.186 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td (highly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.947 0 Td [(p)-27 (opular)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.601 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.138 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.335 0 Td [(s)-1 (c)1 (ien)27 (tists.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.819 -1.438 Td (Third,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.102 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.259 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.688 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.107 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.96 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.85 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (fully)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.286 0 Td [(c)28 (haracterized)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.011 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.416 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td [(parameter)1 (s)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.391 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.025 -1.438 Td [(in)27 (terpretation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.256 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.828 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.011 0 Td (clear.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.639 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.262 0 Td [(allo)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.942 0 Td (us)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.284 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.224 0 Td [(c)1 (onduct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.726 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.843 0 Td [(comprehensiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.56 0 Td [(comparativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.718 -1.438 Td (statics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.988 0 Td (analysis)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.614 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.161 0 Td [(resp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.281 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.617 0 Td [(c)27 (haracteristics)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.333 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.046 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.618 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.05 0 Td (Last)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.125 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.671 0 Td (least,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.493 0 Td (Q-)Tj -36.852 -1.438 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.839 0 Td [(shar)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.553 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.678 0 Td (same)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td [(arc)27 (hitecture)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.405 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.677 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (sophisticated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.878 0 Td (programs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.295 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.149 -1.438 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.174 0 Td [(recen)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.616 0 Td (obtained)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.942 0 Td [(sp)-27 (ectacular)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.062 0 Td (successes,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.345 0 Td [(a)1 (c)27 (hieving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.214 0 Td [(sup)-27 (erh)27 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.471 0 Td [(p)-27 (erformances,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.178 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.058 0 Td [(suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.06 -1.438 Td (tasks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.545 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td [(pla)27 (ying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.485 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.745 0 Td [(ancien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.458 0 Td [(b)-27 (oard)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.86 0 Td (game)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (Go)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td [(\(Silv)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.159 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.419 0 Td (2017\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.995 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.745 0 Td [(A)27 (tari)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.614 0 Td (video-games)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.742 -1.438 Td (\(Mnih)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.964 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (2015\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.937 0 Td (and,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td [(recen)27 (tly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.889 0 Td [(c)27 (hess)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.486 0 Td [(\(Silv)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.102 0 Td [(e)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (2018\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -25.008 -1.855 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.851 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.465 0 Td (sophisticated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.903 0 Td (programs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.32 0 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.819 0 Td [(app)-27 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.254 0 Td [(themselv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.923 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.213 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (natural)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.444 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.374 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td (Q-learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.108 0 Td [(Ho)28 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.209 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td (require)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.285 0 Td [(mo)-27 (deling)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.21 0 Td [(c)27 (hoices)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.291 0 Td [(t)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.626 0 Td (somewhat)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.569 0 Td (arbitrary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.156 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.957 -1.438 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.413 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.296 0 Td [(viewp)-27 (oin)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.812 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.957 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.195 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.962 0 Td [(resp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.403 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.256 0 Td [(resem)27 (ble)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.056 0 Td [(\\blac)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.098 0 Td [(b)-27 (o)27 (xes.")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.513 0 Td [(Moreo)27 (v)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.621 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td [(fron)27 (tier)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.626 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.259 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.557 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.129 0 Td [(mo)28 (ving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.57 0 Td (fast,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.299 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.048 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.123 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (di\016cult)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.734 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.341 0 Td (tell)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.83 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.592 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.83 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.543 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.83 0 Td (art)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.42 -1.438 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.428 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (near)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.271 0 Td (future.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td [(F)82 (rom)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.664 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.005 0 Td [(p)-27 (ersp)-27 (ectiv)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.486 0 Td [(o)1 (ur)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.836 0 Td [(fo)-27 (cus)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.603 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.455 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.147 0 Td [(textb)-27 (o)-27 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.229 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.421 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td [(conserv)55 (ativ)27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.917 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.179 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.103 0 Td (predicated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.905 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.479 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td (conjecture)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.824 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.001 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.234 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.403 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.149 0 Td (will,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.146 -1.438 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.987 0 Td [(an)27 (ything,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.442 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.794 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.293 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.776 0 Td (programs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.393 0 Td (get)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (smarter.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.958 0 Td [(S)1 (ince)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.646 0 Td (colluding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.278 0 Td (tacitly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.163 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(comp)1 (lex)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (11)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.737 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.776 0 Td [(comprehensiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.617 0 Td [(treatmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.584 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.081 0 Td (rein)Tj EMC /P <>BDC [(forcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.226 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.778 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.109 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.39 0 Td (science,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.558 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.559 0 Td (Sutton)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.22 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.887 0 Td (Barto's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.369 -1.2 Td [(textb)-28 (o)-28 (ok)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.223 0 Td (\(2018\).)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1180 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 150.135 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (4)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.227 0 Td (so,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.444 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.473 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.825 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.303 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (ground)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.466 0 Td (concern,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.832 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.091 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.656 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.778 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.826 0 Td (presum)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -34.51 -1.438 Td (ably)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.139 0 Td (fade)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.086 0 Td [(a)27 (w)28 (a)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.405 0 Td [(dev)28 (elop)-27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.533 0 Td (further.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.554 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.97 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.369 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.255 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.839 0 Td [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.221 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.031 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.787 0 Td [(le)1 (arn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.822 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.237 0 Td (collude,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.631 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.271 0 Td [(w)1 (ith)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.27 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td (spread)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.147 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.156 0 Td (\\smarter")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.616 0 Td (programs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.343 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.727 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.849 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.163 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.767 0 Td [(g)1 (ro)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.904 -1.438 Td [(w)27 (orse.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.024 0 Td [(ana)1 (lysis)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.693 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.159 0 Td [(sho)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.824 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.132 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.276 0 Td [(al)1 (gorithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.858 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td [(le)1 (arn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.458 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(collu)1 (de)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td [(furth)1 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.302 0 Td (sug)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.194 -1.438 Td (gests)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.453 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.252 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.381 0 Td [(b)-27 (etter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.959 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.333 0 Td [(h)27 (uma)1 (ns)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.245 0 Td (colluding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.237 0 Td [(tacitly)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.312 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td [(exp)-27 (erimen)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.895 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.969 -1.438 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(consisten)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.293 0 Td (found)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.697 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.071 0 Td [(h)27 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.187 0 Td [(sub)-55 (jects)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.742 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.583 0 Td (hardly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.023 0 Td (able)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.017 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.147 0 Td [(co)-27 (ordinate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.764 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.595 0 Td [(expl)1 (icit)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.815 -1.438 Td [(comm)27 (unication.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.017 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.735 0 Td [(lab)-27 (oratory)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.706 0 Td [(settin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.133 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.279 0 Td [(comm)28 (unication)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.745 0 Td [(p)-27 (ossible,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.873 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.768 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.942 0 Td [(s)-1 (o)1 (me)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.489 -1.438 Td (times)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.606 0 Td (manage)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.581 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.186 0 Td [(con)27 (v)27 (erge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.989 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.186 0 Td [(sligh)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.423 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.966 0 Td [(price)1 (s)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.041 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.785 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.493 0 Td [(agen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.014 0 Td [(t)27 (ypic)1 (ally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.27 -1.438 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.503 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.754 0 Td (close)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.318 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.661 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.646 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.455 0 Td (equilibrium,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.441 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td (four)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.015 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.423 0 Td [(actua)1 (lly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.7 0 Td (tend)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.205 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.171 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.82 -1.438 Td [(aggressiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.523 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.228 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.423 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.759 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.76 0 Td [(\\riv)55 (alry")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.023 0 Td (e\013ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.527 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.928 0 Td (often)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.418 0 Td (attributed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.622 0 Td [(t)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td [(exp)-27 (erimen)27 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.79 0 Td [(sub)-54 (jects')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.205 -1.438 Td (tendency)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.213 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.248 0 Td [(b)-27 (eha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.316 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.254 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.949 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.255 0 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td [(in)27 (v)28 (olv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.886 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.194 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.868 0 Td [(con)27 (test.)]TJ EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 375.562 511.105 Tm (9)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 384.815 506.767 Tm (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.064 0 Td (algorithms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.171 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.412 0 Td [(con)27 (tr)1 (ast,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.21 -1.438 Td [(displa)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.278 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.77 0 Td [(stubb)-27 (orn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.12 0 Td [(prop)-27 (ensit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.773 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (collude.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td [(Ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.415 0 Td (though,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.096 0 Td [(k)27 (eeping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.49 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.184 0 Td [(theory)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.217 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td (degree)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.221 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.13 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.045 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.269 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.701 0 Td [(n)27 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.577 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.13 0 Td [(comp)-27 (etitors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.378 0 Td (rises,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td [(substan)27 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.003 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.045 0 Td [(con)27 (tin)27 (ues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.966 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td [(prev)55 (ail)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.189 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.563 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td [(activ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.834 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.46 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.509 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td [(fou)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.046 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.149 0 Td [(n)27 (um)27 (b)-27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.842 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.562 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.21 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.639 0 Td (asymmetric,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.741 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td [(op)-27 (erate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.509 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td [(sto)-27 (c)27 (hastic)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.526 0 Td [(en)27 (vironmen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -15.842 -1.855 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.842 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.12 0 Td (raise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.298 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.358 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.761 0 Td [(curren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.408 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.892 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.368 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.293 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.039 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.993 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.917 0 Td (adequate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.108 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.738 0 Td (age)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.791 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.167 0 Td (AI.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.451 0 Td [(coun)28 (tries)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.218 0 Td (\(including)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.675 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td (U.S.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.955 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.738 0 Td [(Eur)1 (op)-28 (ean)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.498 0 Td (Union\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.613 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.984 -1.438 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.079 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.788 0 Td [(no)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.087 0 Td (regarded)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.073 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td (illegal.)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 283.431 385.79 Tm (10)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 296.867 381.452 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.06 0 Td (rationale)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.128 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.031 0 Td [(t)27 (w)27 (ofold.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.774 0 Td (First,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.331 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.236 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.041 0 Td (held)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.389 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.873 0 Td [(c)28 (himera:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4 0 Td (illusory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.516 0 Td [(a)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.96 0 Td (practically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.871 0 Td [(imp)-27 (ossible)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.826 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.253 0 Td [(ac)27 (hiev)27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td (And)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.205 0 Td (second,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.488 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.58 -1.438 Td [(p)-27 (osition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.761 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.013 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.15 0 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.26 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.926 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.314 0 Td [(c)1 (ollusion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.059 0 Td [(nev)27 (erthe)1 (less)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.48 0 Td [(o)-27 (ccurred,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.299 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.009 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.885 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.362 0 Td (hard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.313 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td [(det)1 (ect.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.057 -1.438 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.983 0 Td (assumptions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.714 0 Td (imply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.896 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.27 0 Td [(aggressiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.728 0 Td [(an)27 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.207 0 Td [(enforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.643 0 Td (risks)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.417 0 Td [(pr)1 (o)-28 (ducing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.746 0 Td [(m)1 (an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.604 -1.438 Td (false)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.172 0 Td [(p)-27 (ositiv)27 (e)1 (s)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.243 0 Td (while)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.52 0 Td [(toleran)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.635 0 Td [(p)-27 (olicy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.847 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.819 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.688 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.106 0 Td [(relativ)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.233 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.732 0 Td (cases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.421 0 Td (going)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.575 0 Td (undetected.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.991 -1.438 Td (Our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.011 0 Td (\fndings,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.921 0 Td [(ho)27 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.025 0 Td (suggest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.437 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.12 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.685 0 Td [(adv)27 (en)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.181 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.412 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.263 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.611 0 Td [(w)28 (ell)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.983 0 Td (alter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.685 0 Td (balance)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.732 -1.438 Td [(b)-27 (et)27 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.675 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.581 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.745 0 Td [(t)27 (yp)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.011 0 Td (errors.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.946 0 Td (More)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.424 0 Td [(researc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.681 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.88 0 Td [(certa)1 (inly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.948 0 Td (needed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.159 0 Td [(b)-27 (efore)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.832 0 Td [(p)-28 (ol)1 (icy)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (conclusions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.145 -1.438 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.333 0 Td [(dra)27 (wn,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td [(go)-27 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td (reason)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.051 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (hold)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.177 0 Td [(tha)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.351 0 Td [(deser)1 (v)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.818 0 Td (closer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.725 0 Td [(scrutin)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -33.165 -1.855 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td (rest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.937 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.144 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.715 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.775 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.013 0 Td (organized)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.435 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.23 0 Td [(follo)27 (ws.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.515 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (next)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.298 0 Td [(pro)28 (vides)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.895 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.845 0 Td [(self-con)28 (tained)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.115 -1.438 Td (description)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.965 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td (class)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.251 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td [(Q)1 (-learning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.797 0 Td (algorithms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.074 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.756 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.397 0 Td (use)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.646 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td [(sim)27 (ulations.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.379 0 Td [(Sect)1 (ion)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.841 -1.438 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.865 0 Td (reviews)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.508 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td (related)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.313 0 Td (economics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.678 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.953 0 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.4 0 Td (science)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (literature.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.618 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.476 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.864 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.279 0 Td [(giv)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.447 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.453 -1.438 Td (detailed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.724 0 Td (description)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.035 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.141 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.268 0 Td [(en)27 (vironmen)27 (t)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.041 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.853 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td [(sim)27 (ulations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.176 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.658 0 Td [(p)-27 (erformed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.318 -1.438 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.341 0 Td (5)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.73 0 Td [(rep)-27 (orts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.6 0 Td (main)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (results,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.297 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.818 0 Td (Section)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.341 0 Td (6)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.73 0 Td [(rep)-27 (orts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.73 0 Td [(n)27 (um)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.477 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.029 0 Td [(robu)1 (s)-1 (t)1 (ness)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.717 0 Td [(c)28 (hec)27 (ks.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 79.2 138.976 Tm [(exten)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.178 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.345 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.984 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.631 0 Td (manage)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.789 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.345 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.292 0 Td (output)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.401 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.401 0 Td [(resp)-27 (ect)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.547 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.345 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.845 0 Td (Cournot-Nash)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.603 0 Td (static)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.85 0 Td (equilibrium)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.556 -1.2 Td (\\seems)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.353 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.231 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.369 0 Td (somewhat)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td [(lo)28 (w)28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.622 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.538 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.517 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.287 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.841 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.873 0 Td ([...])Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.73 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.342 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.539 0 Td [(\fr)1 (m)-1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.515 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.731 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.841 0 Td [(mem)-1 (or)1 (y)83 (.")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.568 0 Td (\(p.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.563 0 Td (3283\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.141 -1.2 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.283 0 Td [(suggests)-1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.184 0 Td [(ho)28 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.114 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.5 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.251 0 Td [(observ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.563 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.006 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.778 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.116 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.834 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.086 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.504 0 Td (Nash.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 106.726 Tm (9)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 103.111 Tm (See)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.777 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.531 0 Td (instance)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.894 0 Td [(Huc)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.584 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (\(2004\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.112 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.394 0 Td [(cite)-1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.446 0 Td (therein.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 94.771 Tm (10)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 91.156 Tm (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.313 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.314 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.785 0 Td [(treatmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.705 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.202 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.397 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.179 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.847 0 Td (long)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.229 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.424 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.897 0 Td [(con)28 (tro)28 (v)28 (ersial)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.908 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.857 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.23 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.59 0 Td [(p)-28 (olicy)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.724 -1.2 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.944 0 Td (although)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.167 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td [(prev)56 (alen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.337 0 Td [(approac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.308 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.006 0 Td [(toleran)28 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.03 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.506 0 Td [(j)1 (urisdictions)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.653 0 Td [(tak)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.166 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.834 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.502 0 Td [(aggressiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.68 0 Td (stance.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1181 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 221.866 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 526.947 726.747 Tm (3)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.908 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.003 0 Td (real)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.868 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.948 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.65 0 Td (risk)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.248 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.995 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.119 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.377 0 Td [(pric)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.227 0 Td (algorithms?)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.273 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.412 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.948 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.779 0 Td (di\016cult)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.679 -1.438 Td (question)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.965 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td [(answ)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.584 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.381 0 Td (empirically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.102 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.974 0 Td [(theoretical)1 (ly)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.89 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.702 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td (empirical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.313 0 Td (side,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.305 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.238 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td [(noto)1 (riously)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.234 0 Td (hard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.427 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.34 0 Td (detect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.08 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.456 0 Td [(mark)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.461 0 Td (outcomes,)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 358.662 670.802 Tm (6)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 369.008 666.463 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.047 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.597 0 Td [(t)27 (ypically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.141 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.504 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.883 0 Td (dis)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.413 -1.438 Td (close)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.478 0 Td [(detai)1 (ls)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.239 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.819 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.398 0 Td [(soft)28 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.974 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.336 0 Td (use.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.097 0 Td (On)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.974 0 Td (side,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.369 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td [(a)1 (nalysis)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.816 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.154 -1.438 Td [(reinforcemen)27 (t-lea)1 (rning)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 10.038 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.163 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.28 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.115 0 Td (settings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.74 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.885 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td (carried)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.403 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.879 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.287 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.634 0 Td (algo)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.873 -1.438 Td (rithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.084 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.18 0 Td [(naiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.534 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.371 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.338 0 Td (construction,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.858 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.181 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.187 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.426 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.174 0 Td (collude.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.568 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.731 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.391 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.002 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.099 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.124 -1.438 Td (principle)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.026 0 Td (can,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.069 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.361 0 Td (analytical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.49 0 Td [(app)1 (roac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.217 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.786 0 Td [(curren)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.19 0 Td (out)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.742 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td [(reac)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.442 0 Td (shall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.292 0 Td (discuss)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.281 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.073 -1.438 Td (greater)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (length)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.993 0 Td [(b)-27 (elo)28 (w.)]TJ EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 187.156 584.849 Tm (7)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 558.339 Tm [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.339 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.454 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.351 0 Td (progress,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.988 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td [(pap)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.645 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.005 0 Td [(tak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.405 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.258 0 Td [(exp)-27 (erimen)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.744 0 Td [(approac)27 (h.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.386 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.583 0 Td (construct)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.964 -1.438 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.439 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.29 0 Td [(agen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.05 0 Td [(a)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.929 0 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.44 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.528 0 Td [(in)27 (teract)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.643 0 Td [(rep)-27 (eatedly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.813 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.168 0 Td [(compute)1 (r-sim)27 (ulated)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.816 0 Td [(mark)27 (etplaces.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.116 -1.438 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.098 0 Td [(c)27 (hallenge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.302 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.995 0 Td [(approac)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.302 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.282 0 Td [(c)27 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.193 0 Td (realistic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.736 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.329 0 Td [(en)27 (vironmen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.374 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.991 0 Td [(a)1 (lgo)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.875 -1.438 Td (rithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.103 0 Td [(represen)27 (tativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.284 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.112 0 Td (those)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.559 0 Td [(emplo)27 (y)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.322 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (practice.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.968 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td (discuss)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.277 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td (detail)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.717 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.437 0 Td (address)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.776 -1.438 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.583 0 Td [(c)28 (hallenges)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.677 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.277 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.517 0 Td [(pro)-27 (ceed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.964 0 Td [(An)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td (conclusions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.199 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (necessarily)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.954 0 Td [(ten)27 (tativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.182 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.272 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td [(s)-1 (t)1 (age,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.487 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.867 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.41 0 Td [(w)27 (ork)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.356 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.946 0 Td (certainly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.015 0 Td (required)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.797 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td (con\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.498 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.649 0 Td (external)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td [(v)55 (alidit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.47 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(researc)28 (h.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.02 0 Td [(Ho)27 (w)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.711 -1.438 Td [(ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.322 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.724 0 Td (\fndings)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.633 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.344 0 Td (suggest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.421 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.151 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.015 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.967 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.432 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.8 0 Td (remote)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.247 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.428 -1.438 Td [(p)-27 (ossibilit)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.976 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.076 0 Td (indicate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.663 0 Td (that,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.357 0 Td (indeed,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.337 0 Td [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.194 0 Td [(relativ)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.234 0 Td (simple)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.015 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.228 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.812 0 Td [(systematic)1 (ally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -31.892 -1.438 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.474 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(pla)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.148 0 Td [(collusiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.947 0 Td (strategies.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.66 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.038 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.388 0 Td [(in)27 (v)27 (olv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.317 0 Td [(pun)1 (is)-1 (h)1 (men)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.72 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.141 0 Td (defections.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.845 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.9 -1.438 Td [(punishmen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.827 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.765 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.635 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (duration,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.376 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.362 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.949 0 Td (gradual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.669 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.124 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.329 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.818 0 Td (pre-deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.089 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.217 -1.438 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.008 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.844 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.444 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.359 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.015 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.356 0 Td (trial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.9 0 Td (error.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.661 0 Td (They)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.526 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.628 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.737 0 Td [(de)1 (s)-1 (ig)1 (ned)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.972 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td (instructed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.6 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.166 0 Td (collude,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.561 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.174 0 Td (do)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.331 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.71 0 Td [(comm)27 (unicate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.928 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.2 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.766 0 Td (another,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.833 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.875 0 Td [(th)1 (ey)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.173 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.33 0 Td (prior)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.876 -1.438 Td [(kno)27 (wledge)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.732 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td [(en)28 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.629 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td [(whic)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.801 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.203 0 Td [(op)-27 (erate.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -19.31 -1.855 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.528 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.826 0 Td [(kno)28 (wledge,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.09 0 Td [(th)1 (is)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.995 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.07 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.772 0 Td (\frst)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.104 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.834 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.214 0 Td [(do)-27 (cumen)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.987 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.772 0 Td (emergence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.818 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td (col)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.418 -1.438 Td [(lusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.773 0 Td [(s)-1 (tr)1 (ategies)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.412 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.204 0 Td (autonomous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.547 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.313 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.167 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.944 0 Td (literature)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.345 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.957 -1.438 Td (computer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.33 0 Td (science)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.247 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.881 0 Td (economics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.607 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.724 0 Td [(fo)-27 (cused)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.465 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.338 0 Td (outcomes)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.281 0 Td (rather)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.914 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.262 0 Td (strategies.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.612 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.922 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td [(observ)54 (ati)1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.213 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td [(sup)1 (ra-comp)-28 (et)1 (itiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.986 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.791 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.996 0 Td (not,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.024 0 Td [(p)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.725 0 Td (se,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.431 0 Td [(gen)27 (uine)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td [(pro)-27 (of)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.568 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.127 0 Td (collusion,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.315 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.214 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.092 -1.438 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.871 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.704 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.425 0 Td (due)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.941 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.779 0 Td (algorithms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.211 0 Td (failure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.112 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.541 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.396 0 Td (equilibrium.)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 515.264 243.284 Tm (8)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 525 238.946 Tm (If)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 214.323 Tm (6)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 210.707 Tm (See)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.691 0 Td [(Andreoli-V)83 (ersbac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 8.259 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.858 0 Td [(F)84 (ranc)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.208 0 Td (\(201)Tj EMC /P <>BDC (5\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.025 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.444 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.747 0 Td [(recen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.889 0 Td (discussion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.597 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.053 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.636 0 Td (issue.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.591 0 Td [(T)83 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.386 0 Td (date,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.414 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.635 0 Td [(mos)-1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.364 0 Td (promis)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -42.246 -1.2 Td (ing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.732 0 Td [(approac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.374 0 Td [(app)-27 (ears)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.768 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.288 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.426 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.788 0 Td (estimation)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.96 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.205 0 Td (structural)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.687 0 Td [(mo)-28 (dels.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.71 0 Td [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.86 0 Td [(exam)-1 (p)1 (le,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.261 0 Td (Decarolis)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.393 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.01 0 Td [(Ro)28 (vigatti)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.462 -1.2 Td (\(2018\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.105 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.75 0 Td (on-line)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.272 0 Td (ad)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.384 0 Td (auctions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.944 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.16 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.945 0 Td [(w)28 (a)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.022 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.938 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.994 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.828 0 Td (great)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.552 0 Td (deal)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.105 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.134 0 Td [(an)28 (ticomp)-28 (etitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.105 0 Td (bidding.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.884 0 Td (They)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.577 0 Td (con)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -43.699 -1.2 Td (jecture)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.292 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.15 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.934 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.151 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.345 0 Td (due)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.873 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.206 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.264 0 Td (bidding,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.873 0 Td [(esp)-28 (ecially)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.489 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.595 0 Td [(sev)28 (e)-1 (r)1 (al)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.271 0 Td [(bidd)1 (e)-1 (r)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.492 0 Td (delegate)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.873 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.706 0 Td (task)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.128 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.642 -1.2 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td [(comm)-1 (on)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.001 0 Td (AI)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.444 0 Td [(agen)28 (t.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 154.547 Tm (7)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 150.931 Tm (One)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.123 0 Td (theoretical)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.959 0 Td [(con)28 (tribution)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.708 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.017 0 Td (Salcedo)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.623 0 Td (\(2015\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.401 0 Td [(wh)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.122 0 Td (argues)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.131 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.178 0 Td (optimized)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.622 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.964 0 Td (will)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.901 0 Td (inevitably)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.198 -1.2 Td [(reac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.589 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.779 0 Td [(c)-1 (ol)1 (lusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.951 0 Td (outcome.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.224 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.933 0 Td [(th)1 (is)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.896 0 Td (claim)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.613 0 Td (crucially)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.976 0 Td (hinges)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.008 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.335 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.669 0 Td (\(strong\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.788 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.235 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.113 0 Td [(eac)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.196 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.305 -1.2 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.882 0 Td [(p)-27 (erio)-28 (dically)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.467 0 Td [(o)-1 (b)1 (s)-1 (erv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.612 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.993 0 Td [(\\deco)-28 (d)1 (e)-1 (")]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.353 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.771 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.662 0 Td (algorithms,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.278 0 Td [(w)-1 (h)1 (ic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.91 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.215 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.77 0 Td [(mean)28 (time)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.631 0 Td [(ha)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.354 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.826 0 Td [(c)27 (hanged.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -41.724 -1.2 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.055 0 Td (practical)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.115 0 Td [(relev)56 (ance)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.308 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (Salcedo's)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.283 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.787 0 Td (remains)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.73 0 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.2 0 Td [(con)28 (tro)27 (v)28 (ersial.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 106.726 Tm (8)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 103.111 Tm [(F)83 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.746 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.146 0 Td [(W)84 (altman)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.285 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.895 0 Td [(Ka)28 (ymak)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.924 0 Td (\(2008\))Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.062 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.706 0 Td [(rep)-28 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.037 0 Td [(C)-1 (ou)1 (rnot)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.899 0 Td [(comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.478 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.173 0 Td (Q-algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.8 -1.2 Td [(b)-28 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.385 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.914 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.746 0 Td [(algor)1 (ithms)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.976 0 Td (cannot)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.301 0 Td (condition)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.412 0 Td [(curren)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.501 0 Td [(c)28 (hoices)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.389 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.412 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.196 0 Td (actions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.417 0 Td (\(where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.303 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.356 0 Td [(c)-1 (ol)1 (lusion)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.14 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.028 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.476 -1.2 Td (de\fnition)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.525 0 Td [(imp)-28 (ossible\))]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.342 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.025 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.972 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.331 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.914 0 Td (\(where)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.361 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.197 0 Td [(b)-28 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.059 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.914 0 Td [(p)-28 (ossibilit)28 (y\).)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.51 0 Td (They)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.664 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.081 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.247 0 Td (the)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1182 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 341.417 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 257.84 700.844 Tm (1.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 272.798 700.844 Tm [(INTR)28 (ODUCTION)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 672.377 Tm (Firms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.821 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (increasingly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.364 0 Td [(ad)1 (opting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.08 0 Td [(soft)27 (w)28 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.841 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.847 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.394 0 Td [(th)1 (eir)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td [(go)-27 (o)-27 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.78 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td [(s)-1 (e)1 (rvices.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.846 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.045 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.772 0 Td (sample)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.225 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.071 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.051 0 Td (1,600)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td [(b)-27 (est-selling)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.053 0 Td (items)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.572 0 Td (listed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.573 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.316 0 Td (Amazon,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.062 0 Td (Chen)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td (et)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td (al.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.316 0 Td (\(2016\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.002 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.126 -1.438 Td (2015)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (third)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(v)27 (endors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.596 0 Td (had)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.454 0 Td (automated)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.896 0 Td [(t)1 (heir)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.338 0 Td (pricing.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.536 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.06 0 Td (repricing-)Tj -33.864 -1.438 Td [(soft)27 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.855 0 Td (industry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.91 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.76 0 Td (since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.414 0 Td (arisen,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.121 0 Td [(supp)1 (lying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.452 0 Td [(turnk)27 (ey)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.631 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.279 0 Td (systems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.648 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.21 0 Td (smaller)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.393 0 Td [(v)27 (e)1 (ndors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.673 -1.438 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.024 0 Td (customizing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.511 0 Td [(soft)27 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.961 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (larger)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.894 0 Td (ones.)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 317.553 607.953 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 327.619 603.615 Tm (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.566 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.029 0 Td (industry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.015 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td [(dev)27 (eloping)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.961 0 Td [(steadily)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.454 -1.438 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.168 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td [(lik)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.584 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td [(b)-27 (ecome)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.509 0 Td [(ev)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td [(prev)54 (alen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.244 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (future.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -28.456 -1.855 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.214 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.18 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.275 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.996 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.752 0 Td (new,)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 277.776 568.591 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 286.545 564.252 Tm (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.807 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.697 0 Td [(soft)27 (w)27 (are)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.853 0 Td [(ha)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.757 0 Td [(recen)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.711 0 Td [(ev)28 (olv)27 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.492 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.323 0 Td (rule-)Tj -35.984 -1.438 Td (based)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.305 0 Td [(reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.256 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.863 0 Td (programs.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.684 0 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.944 0 Td (latter)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.774 0 Td (programs)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.413 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(m)27 (uc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.72 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.558 0 Td (\\au)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.093 -1.438 Td (tonomous")Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.056 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.384 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (precursors.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.062 0 Td [(P)27 (o)28 (w)27 (ered)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.003 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.461 0 Td [(Arti\fcia)1 (l)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.206 0 Td [(In)27 (telligence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.268 0 Td (\(AI\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.548 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.303 0 Td [(dev)27 (elop)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.731 -1.438 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.446 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.372 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.469 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.42 0 Td [(scra)1 (tc)27 (h,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.73 0 Td (engaging)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.187 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.249 0 Td [(activ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.936 0 Td [(exp)-27 (erimen)28 (tation)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.369 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.011 0 Td (adapting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.189 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.756 0 Td [(ev)27 (olving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.905 0 Td [(en)27 (vironmen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.972 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.293 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.979 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.823 0 Td [(pro)-28 (cess,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.753 0 Td (they)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.273 0 Td (require)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.361 0 Td (little)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.409 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.431 0 Td [(exter)1 (nal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.487 -1.438 Td (guidance.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td (di\013usion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.921 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.876 0 Td [(ev)27 (olution)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.215 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.087 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.237 0 Td [(alg)1 (orithms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.818 0 Td (raise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.262 0 Td [(v)55 (arious)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.323 0 Td [(i)1 (s)-1 (sue)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.707 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.468 0 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.384 0 Td [(p)-27 (ol)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.282 -1.438 Td (icy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.593 0 Td (\(Harrington,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.728 0 Td [(2017\))1 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.98 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.266 0 Td (particular,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.831 0 Td [(le)1 (gal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.327 0 Td [(sc)27 (holars)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.725 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.947 0 Td [(p)-27 (olicy-mak)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.249 0 Td [(alik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.328 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.301 0 Td [(v)28 (oiced)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.275 -1.438 Td (concern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.587 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td [(re)1 (inforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.143 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.751 0 Td [(algori)1 (thms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.844 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.119 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td (collude)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.316 0 Td [(tacitly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.26 0 Td (i.e.,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.847 0 Td [(with)1 (out)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.624 -1.438 Td [(comm)27 (unicating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.868 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.271 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.836 0 Td (another)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.632 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.945 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.685 0 Td [(ha)27 (ving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.196 0 Td [(b)-27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.353 0 Td [(sp)-27 (eci\fcally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.996 0 Td (instructed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.67 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.238 0 Td (co)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.69 -1.438 Td [(op)-27 (erate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.498 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.367 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.105 0 Td [(c)1 (omp)-28 (eting)1 (.)]TJ EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 230.716 391.704 Tm (3)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 239.217 387.365 Tm (While)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.844 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td (far)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.485 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.35 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.784 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td [(brough)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.661 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td [(an)27 (titr)1 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.047 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.061 0 Td (against)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.892 -1.438 Td (autonomously)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.351 0 Td (colluding)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.251 0 Td (algorithms,)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 263.253 374.513 Tm (4)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 272.64 370.175 Tm [(an)27 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.121 0 Td (agencies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.876 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td (discussing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.649 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.749 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.871 0 Td (seri)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.141 -1.438 Td [(ously)82 (.)]TJ EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 107.88 357.322 Tm (5)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 333.874 Tm (1)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 330.259 Tm [(h)28 (ttps://www.tec)27 (hemergence.com/ai-fo)]TJ EMC /P <>BDC [(r-pricing-comparing-5-curren)28 (t-applications/)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 36.282 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.091 0 Td [(ac)-1 (cessed)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.154 0 Td (Oc)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -43.976 -1.2 Td [(tob)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.209 0 Td (4,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.679 0 Td (2018.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.179 0 Td [(Algori)1 (thmic)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.097 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.904 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.572 0 Td [(no)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.651 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.795 0 Td (widely)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.706 0 Td (di\013used)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.268 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.733 0 Td (Amazon)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.484 0 Td [(adv)28 (ertises)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.192 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.469 -1.2 Td [(Mark)28 (etPlace)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.542 0 Td [(W)83 (ebService)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.085 0 Td (API)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.845 0 Td (stressing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.796 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.887 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.443 0 Td (API)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.845 0 Td (facilitates)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.254 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.057 0 Td (automation.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.332 0 Td (See)Tj /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_2 1 Tf -44.086 -1.2 Td [(h)28 (ttps://dev)28 (elop)-28 (er.amazonservices.com)]TJ EMC /P <>BDC (/,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 17.773 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.894 0 Td (accessed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.956 0 Td [(Octob)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.864 0 Td (4,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.111 0 Td (2018.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 286.054 Tm (2)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 282.438 Tm (Airline)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.31 0 Td (companies,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.119 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.532 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.174 0 Td [(ha)28 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.308 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.363 0 Td (using)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.618 0 Td [(rev)27 (en)28 (ue)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.644 0 Td [(managemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.864 0 Td [(soft)28 (w)28 (are)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.927 0 Td [(f)1 (or)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.533 0 Td (decades)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.674 0 Td [(no)28 (w.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.364 0 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.879 -1.2 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.841 0 Td [(soft)28 (w)28 (are)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.815 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.807 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.452 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.732 0 Td [(mec)28 (hanically)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.835 0 Td [(follo)28 (wing)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.112 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.613 0 Td (instructions)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.349 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.03 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.612 0 Td (programmer,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.844 0 Td (who)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.002 0 Td [(th)28 (us)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.091 0 Td (remains)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.135 -1.2 Td [(e\013ectiv)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.752 0 Td [(i)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.252 0 Td [(c)28 (harge)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.226 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.224 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.807 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.148 0 Td [(c)27 (hoices.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.729 0 Td [(An)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.224 0 Td (price-\fxing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.282 0 Td [(sc)28 (heme)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.508 0 Td [(in)28 (v)28 (olving)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.362 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.646 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.037 0 Td (could)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.197 -1.2 Td (therefore)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.2 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (directly)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.642 0 Td (traced)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.058 0 Td [(bac)28 (k)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.334 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.222 0 Td [(h)28 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.306 0 Td [(b)-28 (eings,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.368 0 Td [(rai)1 (s)-1 (in)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.23 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (really)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.753 0 Td (new)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.056 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.794 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.53 0 Td [(an)27 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.148 0 Td [(p)-28 (olicy)84 (.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 238.233 Tm (3)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 234.618 Tm (See,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.098 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.573 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.215 0 Td [(Ezrac)28 (hi)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.642 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.987 0 Td [(Stuc)27 (k)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.238 0 Td (\(2016,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.043 0 Td (2017\),)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.043 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.765 0 Td (remarks)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.859 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.182 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.571 0 Td [(V)83 (estager,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.385 0 Td [(Europ)-27 (e)-1 (an)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.588 0 Td (Commis)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -41.638 -1.2 Td (sioner,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.245 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.291 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.791 0 Td [(B)-1 (u)1 (ndes)-1 (k)56 (arellam)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.676 0 Td (18th)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.347 0 Td (Conference)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.211 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.458 0 Td [(Comp)-28 (etition,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.152 0 Td (Berlin,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.336 0 Td [(Marc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.183 0 Td (16,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.681 0 Td (2017)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.402 0 Td (\(\\Algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.773 -1.2 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.899 0 Td [(Comp)-27 (etition"\),)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.926 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.899 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.676 0 Td [(sp)-28 (eec)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.127 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.093 0 Td (M.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.483 0 Td (Ohlhausen,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.183 0 Td (Acting)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.204 0 Td (Chairman)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.624 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.093 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.677 0 Td (FTC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.385 0 Td (,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.565 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.177 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.677 0 Td [(Concurr)1 (e)-1 (n)1 (c)-1 (es)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -39.688 -1.2 Td [(An)28 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.487 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.255 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.812 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.464 0 Td (Sector)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.148 0 Td (Conference,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.508 0 Td (New)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.34 0 Td [(Y)83 (ork,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.786 0 Td [(Ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.34 0 Td (23,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.7 0 Td (2017)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.423 0 Td (\(\\Should)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.311 0 Td [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.812 0 Td [(F)84 (ear)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.328 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.811 0 Td (Things)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -42.525 -1.2 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.455 0 Td (Go)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.573 0 Td (Beep)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.441 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.121 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.677 0 Td [(Nigh)27 (t?)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.205 0 Td (Some)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.621 0 Td (Initial)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.927 0 Td [(Though)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.432 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.344 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.677 0 Td [(In)28 (tersection)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.408 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.094 0 Td [(An)27 (titrust)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.353 0 Td [(La)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.107 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.899 0 Td (Algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.334 -1.2 Td (Pricing"\).)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 166.502 Tm (4)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 162.887 Tm (A)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.083 0 Td (few)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.806 0 Td (cases)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.511 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.167 0 Td [(in)28 (v)28 (olv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.36 0 Td [(rule-base)-1 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.787 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.336 0 Td [(soft)28 (w)28 (are)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.925 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.669 0 Td (discussed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.351 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.166 0 Td (Gata)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.507 0 Td (\(2019\).)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_4 1 Tf 6.9738 0 0 6.9738 89.163 154.547 Tm (5)Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 93.632 150.931 Tm [(Recen)28 (tly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.417 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.628 0 Td (instance,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.269 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.82 0 Td [(p)-27 (ossibilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.859 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.236 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.378 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.213 0 Td [(w)28 (as)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.019 0 Td [(extensiv)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.213 0 Td (discussed)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.448 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.319 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.82 0 Td (7th)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -44.088 -1.2 Td (session)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.329 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.173 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.756 0 Td (FTC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.465 0 Td (Hearings)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.181 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.424 0 Td [(comp)-27 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.561 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.978 0 Td (consumer)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.487 0 Td (protection)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.814 0 Td [(\(No)28 (v)28 (em)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.149 0 Td (13-14,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.978 0 Td (2018\).)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.035 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.284 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.614 -1.2 Td (agencies)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.802 0 Td [(ha)28 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.213 0 Td [(b)-28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.269 0 Td [(activ)28 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.602 0 Td (engaged)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.741 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.297 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.63 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.308 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.437 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.741 0 Td (couple)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.019 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.047 0 Td [(y)28 (ears)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.472 0 Td [(no)28 (w.)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.269 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.963 0 Td (OECD)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.186 0 Td [(sp)-28 (onsored)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.56 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.741 0 Td (Round-)Tj -42.297 -1.2 Td (table)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.496 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.385 0 Td [(A)25 (l)1 (gorithms)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.097 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.938 0 Td [(Col)-51 (lusion)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.521 0 Td (already)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.526 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.162 0 Td (June)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.4 0 Td (2017;)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.607 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.162 0 Td [(Septem)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.943 0 Td (2017,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.607 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.719 0 Td (Canadian)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.496 0 Td [(Comp)-28 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -40.058 -1.2 Td (Bureau)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.508 0 Td (released)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.805 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.853 0 Td (white)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.741 0 Td [(pap)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.827 0 Td (discussing)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.702 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.741 0 Td [(abilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.13 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.158 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.971 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.242 0 Td [(collud)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.407 0 Td (\()Tj /T1_5 1 Tf 0.388 0 Td (Big)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.846 0 Td (data)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.241 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.959 0 Td (Innovation:)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf -40.519 -1.2 Td [(Implic)51 (ations)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.619 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.54 0 Td [(Comp)51 (etition)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.617 0 Td (Policy)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.998 0 Td [(i)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.169 0 Td (Canada)Tj /T1_2 1 Tf 3.399 0 Td (\);)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.938 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.883 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.104 0 Td [(Octob)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.802 0 Td (2018)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.271 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.661 0 Td (British)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.266 0 Td (CMA)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.66 0 Td (published)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.444 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.771 0 Td (white)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.142 -1.2 Td [(pap)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.808 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.389 0 Td (Pricing)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.554 0 Td [(A)26 (lgorithms)]TJ /T1_2 1 Tf (.)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1183 0 obj <> endobj 1184 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 198.135 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /P <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 10.9091 0 0 10.9091 90.523 667.47 Tm [(AR)88 (TIFICIAL)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.903 0 Td (INTELLIGENCE,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 9.152 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 8.556 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.182 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.835 0 Td (COLLUSION)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9701 0 0 7.9701 517.215 671.428 Tm (y)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 182.159 641.069 Tm (Emilio)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.62 0 Td [(Cal)89 (v)89 (ano)]TJ EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9701 0 0 7.9701 275.768 645.407 Tm [(\003)-62 (z)]TJ EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 284.762 641.069 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.697 0 Td [(Gia)22 (como)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.731 0 Td (Calzolari)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 410.413 645.407 Tm (&)Tj /T1_2 1 Tf 0.889 0 Td [(z)-63 (x)]TJ EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 426.022 641.069 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -21.659 -1.208 Td (Vincenzo)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.007 0 Td (Denicolo)Tj 4.084 0.083 Td (\022)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9701 0 0 7.9701 282.875 630.961 Tm [(\003)-62 (x)]TJ EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 291.869 626.623 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.697 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td [(Ser)23 (gio)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.705 0 Td [(P)87 (astorello)]TJ EMC /StyleSpan <>BDC /T1_2 1 Tf 7.9701 0 0 7.9701 440.182 630.961 Tm (\003)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 273.851 597.731 Tm (April)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.167 0 Td (2019)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 160.545 562.917 Tm [(Increasingly)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.727 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.305 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.92 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.638 0 Td [(supplan)28 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.39 0 Td [(h)27 (uman)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.275 0 Td (decision)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.752 0 Td (mak)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -29.007 -1.2 Td (ers)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.602 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.204 0 Td (on-line)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.316 0 Td [(mark)28 (e)-1 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.102 0 Td [(T)84 (o)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.509 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.622 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.76 0 Td [(p)-27 (oss)-1 (i)1 (ble)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.8 0 Td (consequences,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.354 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.509 0 Td (study)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -28.778 -1.2 Td [(exp)-28 (erimen)28 (tally)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.865 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.808 0 Td [(b)-27 (e)-1 (h)1 (a)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.171 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.224 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.038 0 Td [(p)-28 (o)28 (w)28 (ered)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.004 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.475 0 Td (Arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.282 0 Td [(In)28 (tel)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -28.867 -1.2 Td (ligence)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.375 0 Td [(\(Q-learnin)1 (g\))]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.822 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.264 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.93 0 Td [(w)28 (orkhorse)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.831 0 Td [(oligop)-28 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.375 0 Td [(mo)-28 (del)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.069 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.237 0 Td [(rep)-28 (eated)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.183 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -29.086 -1.2 Td [(comp)-28 (etition.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.899 0 Td [(W)84 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.815 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.094 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.26 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.815 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.046 0 Td [(consisten)27 (tly)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.549 0 Td (learn)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.597 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.316 0 Td [(c)28 (harge)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -28.391 -1.2 Td [(supra-comp)-28 (etitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 8.07 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.042 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.645 0 Td [(comm)28 (unicating)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.895 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.201 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.756 0 Td (another.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.87 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -29.479 -1.2 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.326 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.945 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.773 0 Td (sustained)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.504 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.493 0 Td (classical)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.948 0 Td [(collusiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.109 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.562 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.382 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.937 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -28.979 -1.2 Td (phase)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.803 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.16 0 Td [(pun)1 (is)-1 (h)1 (m)-1 (en)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.442 0 Td [(follo)28 (w)28 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.881 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.409 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.854 0 Td (gradual)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.634 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.081 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.242 0 Td [(co)-28 (op)-28 (eration.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.745 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -29.251 -1.2 Td (\fnding)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.284 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.956 0 Td (robust)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.07 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.173 0 Td (asymmetries)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.714 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.117 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.012 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.176 0 Td (demand,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.006 0 Td [(c)28 (hanges)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.65 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.117 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.673 0 Td [(n)27 (um)]TJ EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -28.948 -1.2 Td [(b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.753 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.139 0 Td [(pla)27 (y)28 (ers,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.647 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.944 0 Td [(v)55 (arious)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.426 0 Td (forms)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.758 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.14 0 Td [(uncertain)28 (t)28 (y)83 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_5 1 Tf 11.9552 0 0 11.9552 225.456 438.938 Tm [(Clic)27 (k)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC 0 0 1 rg /T1_5 1 Tf 2.502 0 Td (here)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC 0 g /T1_5 1 Tf 2.121 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.497 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.686 0 Td (latest)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.671 0 Td [(v)27 (ersion)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf -22.711 -2.708 Td [(Keyw)31 (ords:)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.548 0 Td (Arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.156 0 Td [(In)27 (telligence,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.489 0 Td [(Pricing-Algor)1 (ithms,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 8.798 0 Td (Collusion,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.625 0 Td [(Reinforcemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 6.537 0 Td (Learn)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.153 -1.208 Td (ing,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.904 0 Td (Q-Learning.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf -1.904 -1.708 Td (J.E.L.)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 3.308 0 Td [(co)-31 (des:)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.315 0 Td (L41,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.189 0 Td (L13,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.19 0 Td (D43,)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.325 0 Td (D83.)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.163 190.502 Tm (y)Tj EMC /Span <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 93.314 186.887 Tm [(W)83 (e)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 1.804 0 Td (thank)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.943 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.804 0 Td (implicating)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.304 0 Td (Susan)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.976 0 Td [(A)28 (they)83 (,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.249 0 Td (Areil)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.557 0 Td [(Ezrac)28 (hi,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.959 0 Td [(Josh)28 (ua)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.408 0 Td (Gans,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.928 0 Td [(Jo)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.901 0 Td [(Harrin)1 (gton,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.504 0 Td [(Kai-Uw)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -41.754 -1.2 Td (Kuhn,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf [(P)28 (atric)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf (Legros,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf [(Da)27 (vid)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf (Levine,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf [(Y)83 (ossi)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf (Spiegel,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 22.081 0 Td [(Stev)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf [(T)83 (adelis,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf [(Eman)27 (uele)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf [(T)83 (aran)28 (tino)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf (and)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 17.107 0 Td [(p)1 (articipan)27 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf (at)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -39.188 -1.2 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.618 0 Td (2018)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.229 0 Td (NBER)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.104 0 Td (Economics)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.86 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.035 0 Td (Arti\fcial)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.093 0 Td [(In)28 (telligence)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.173 0 Td (Conference,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.315 0 Td [(Cam)28 (bridge)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.982 0 Td [(Univ)27 (ersit)28 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.904 0 Td [(Univ)27 (ersidad)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.432 0 Td [(C)-1 (ar)1 (los)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -42.745 -1.2 Td [(I)-28 (I)-28 (I,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.69 0 Td (U.)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.302 0 Td [(Nap)-28 (oli)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.164 0 Td [(F)83 (ederico)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.901 0 Td [(I)-28 (I,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.302 0 Td [(Univ)28 (ersidad)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.477 0 Td (Autonoma)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.857 0 Td (de)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.274 0 Td (Barcelona,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.874 0 Td (Berlin)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.929 0 Td (IO)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.413 0 Td [(w)28 (orkshop)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.393 0 Td (2019,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.552 0 Td [(P)28 (aris)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.491 0 Td [(Sc)28 (ho)-28 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.108 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -44.727 -1.2 Td (Economics,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.139 0 Td [(EA)28 (G)-1 (P)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.101 0 Td [(w)28 (orkshop)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.35 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.12 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.62 0 Td [(Europ)-28 (ean)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.443 0 Td (Commission)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.521 0 Td (\(DG)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.169 0 Td [(Comp)-28 (etition)1 (\),)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.37 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.62 0 Td (2018)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.231 0 Td [(T)83 (oulouse)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.098 0 Td [(biann)28 (ual)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -41.782 -1.2 Td [(p)-28 (ostal)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.963 0 Td (conference,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.125 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.707 0 Td (Mannheim)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.957 0 Td (MaCCi)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.457 0 Td [(w)28 (orkshop)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.437 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.373 0 Td [(B)-1 (i)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.804 0 Td (Data,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.749 0 Td (12)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 373.809 130.726 Tm (th)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 384.986 127.111 Tm [(T)83 (oulouse)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.185 0 Td [(Di)1 (gital)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.304 0 Td (Conference,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.404 0 Td (11th)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf -43.586 -1.2 Td [(P)28 (aris)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.443 0 Td (Digital)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.213 0 Td (Conference,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.312 0 Td (2)Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 193.449 118.771 Tm (nd)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 205.001 115.156 Tm (Bergamo)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.104 0 Td (IO)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.365 0 Td [(w)27 (orkshop,)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.624 0 Td (EIEF)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.601 0 Td (\(Rome\))Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.518 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.423 0 Td [(use)-1 (f)1 (ul)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.76 0 Td [(commen)28 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.87 0 Td (Financial)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.268 0 Td [(supp)-28 (ort)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf -42.16 -1.2 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.364 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.723 0 Td (Digital)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.319 0 Td (Chair)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 2.78 0 Td [(initiativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.222 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.222 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.722 0 Td [(T)83 (oulouse)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.2 0 Td [(Sc)27 (ho)-27 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.168 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.139 0 Td (Economics)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.964 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.006 0 Td (gratefully)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.503 0 Td [(ac)28 (kno)28 (wledged.)]TJ /T1_1 1 Tf ( )Tj EMC /Link <>BDC /T1_4 1 Tf -34.949 -1.2 Td [(Corresp)-28 (onding)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 6.706 0 Td (author:)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.503 0 Td (Giacomo)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.174 0 Td (Calzolari,)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.503 0 Td (giacomo.calzolari@eui.eu)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 89.661 82.816 Tm (\003)Tj EMC /P <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 94.241 79.2 Tm (Bologna)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.875 0 Td [(Univ)28 (e)-1 (rsit)28 (y;)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 183.573 82.816 Tm (z)Tj EMC /P <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 187.724 79.2 Tm [(T)83 (oulouse)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.2 0 Td [(Sc)28 (ho)-28 (ol)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.167 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.14 0 Td (Economics;)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 324.683 82.816 Tm (&)Tj EMC /P <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 331.297 79.2 Tm [(Europ)-28 (ean)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.545 0 Td [(Univ)28 (ersit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.814 0 Td (Institute;)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_7 1 Tf 6.9738 0 0 6.9738 468.035 82.816 Tm (x)Tj EMC /P <>BDC /T1_4 1 Tf 9.9626 0 0 9.9626 472.186 79.2 Tm (CEPR)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1185 0 obj <> endobj 1186 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 90.359 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (36)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.953 0 Td (exiting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.285 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.734 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.367 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td (random)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.639 0 Td (fashion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (exercise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.672 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td [(p)-27 (erformed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.727 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.36 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.545 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.735 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.196 -1.438 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.085 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.82 0 Td [(pla)27 (y)28 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.267 0 Td (\(the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td [(mark)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.288 0 Td [(th)28 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.124 0 Td [(altern)1 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.974 0 Td [(b)-27 (et)27 (w)28 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.749 0 Td [(monop)-28 (o)1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.486 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.874 0 Td [(duop)-27 (oly\))]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.104 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.874 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.085 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.767 -1.438 Td [(pla)27 (y)27 (ers)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.297 0 Td [(\(duop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.133 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td [(triop)-27 (oly\).)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -9.335 -1.855 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.682 0 Td [(tak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.118 0 Td [(en)27 (try)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.901 0 Td (exit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.928 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.193 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.329 0 Td (serially)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.348 0 Td [(correlat)1 (ed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.837 0 Td [(F)81 (ormally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.308 0 Td (let)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 1.411 0 Td (I)Tj EMC /P <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 401.946 642.498 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 409.363 644.291 Tm [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.329 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.357 0 Td (indicator)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.13 0 Td (function)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.433 -1.438 Td (equal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.584 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.897 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.687 0 Td (outsider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.759 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td [(p)-28 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.046 0 Td (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.68 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.904 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td (otherwise.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.629 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (set)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -33.171 -2.628 Td (\(10\))Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 3.5 0 Td (prob)Tj /T1_6 1 Tf (f)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf (I)Tj EMC /Span <>BDC /T1_4 1 Tf 7.9701 0 0 7.9701 155.082 593.89 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 161.959 595.684 Tm [(=)-278 (1)]TJ /T1_6 1 Tf 1.529 0 Td (j)Tj /T1_3 1 Tf (I)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 188.208 593.89 Tm (t)Tj /T1_7 1 Tf (\000)Tj /T1_8 1 Tf (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 205.906 595.684 Tm [(=)-278 (0)]TJ /T1_6 1 Tf 1.529 0 Td (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.778 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (prob)Tj /T1_6 1 Tf (f)Tj /T1_3 1 Tf (I)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 279.947 593.89 Tm (t)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 286.824 595.684 Tm [(=)-278 (0)]TJ /T1_6 1 Tf 1.529 0 Td (j)Tj /T1_3 1 Tf (I)Tj /T1_4 1 Tf 7.9701 0 0 7.9701 313.072 593.89 Tm (t)Tj /T1_7 1 Tf (\000)Tj /T1_8 1 Tf (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 330.77 595.684 Tm [(=)-278 (1)]TJ /T1_6 1 Tf 1.529 0 Td (g)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.778 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.039 0 Td (\032:)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -24.389 -2.628 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td (implies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.285 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.084 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td (unconditional)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.11 0 Td [(probabilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.967 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.078 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.648 0 Td (outsider's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.38 0 Td [(b)-27 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.601 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.159 0 Td (some)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.416 0 Td [(rand)1 (om)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.678 -1.438 Td (time)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.24 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.993 0 Td (50%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.403 0 Td [(Equiv)55 (alen)27 (tly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.871 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.328 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.993 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.826 0 Td [(duop)-27 (oly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.762 0 Td (half)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.941 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(ti)1 (me)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.37 0 Td [(a)28 (v)27 (erage.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.79 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.021 0 Td (proba)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -35.168 -1.438 Td [(bilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.546 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.104 0 Td [(en)28 (try)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.544 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.893 0 Td (exit)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.919 0 Td (\032)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.82 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.973 0 Td (set)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.517 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.185 0 Td (99.9%,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.144 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.191 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.109 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.545 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (outsider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.748 0 Td [(en)27 (ters,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.122 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.968 0 Td [(sta)28 (ys)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.447 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.131 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.349 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.527 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.391 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.54 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.146 0 Td (1,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.587 0 Td [(p)-27 (erio)-27 (ds.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.735 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.587 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.173 0 Td [(mark)27 (etplaces)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.911 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.859 0 Td (algorithmic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.199 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.004 -1.438 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.958 0 Td (commonly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.679 0 Td (adopted)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.728 0 Td [(p)-27 (erio)-27 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.406 0 Td (can)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.769 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.307 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.123 0 Td (short,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.753 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.883 0 Td [(lev)27 (el)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.204 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.09 0 Td [(p)-27 (ersistency)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.043 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.958 0 Td (actualy)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.429 0 Td [(ra)1 (ther)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.33 -1.438 Td [(lo)27 (w.)]TJ EMC /Link <>BDC /T1_8 1 Tf 7.9701 0 0 7.9701 99.686 482.652 Tm (42)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 456.142 Tm (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.019 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.406 0 Td (s)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.794 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.047 0 Td [(in)1 (cludes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.765 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.786 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.121 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (previous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.902 0 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.053 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.904 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.367 0 Td [(\frm)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.459 0 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.264 0 Td [(activ)27 (e,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.106 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.203 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.582 -1.438 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(activ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.828 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.453 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.931 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.122 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (outsider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.759 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.882 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(activ)28 (e.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -27.574 -1.855 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.602 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.875 0 Td [(th)1 (at)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.037 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.603 0 Td [(a)28 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.425 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.581 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.038 0 Td [(decre)1 (ases)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.169 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.113 0 Td (56%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.309 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.152 0 Td [(substan)28 (tial)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.904 0 Td (fall)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.575 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.901 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.603 0 Td [(com)28 (bined)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.887 -1.438 Td (e\013ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.704 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.824 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.263 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (size)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.975 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.236 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td (matrix,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.574 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.921 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.323 0 Td [(not)1 (ed)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.839 0 Td [(imp)-27 (edes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.906 0 Td (learning,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.145 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.364 -1.438 Td [(uncertain)27 (t)28 (y)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.514 0 Td (Still,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.467 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.568 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.76 0 Td (far)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.624 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.44 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.814 0 Td [(comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.432 0 Td [(b)-27 (enc)28 (hmark.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.43 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.657 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td [(p)-27 (ersistence)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.282 -1.438 Td (\()Tj /T1_5 1 Tf (\032)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (99)Tj /T1_5 1 Tf (:)Tj /T1_0 1 Tf (99%\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.779 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.712 0 Td [(a)27 (v)27 (er)1 (age)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.535 0 Td [(p)1 (ro\ft)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.69 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.147 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.011 0 Td [(62)1 (%,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.419 0 Td [(c)1 (lose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.37 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.222 0 Td [(wha)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.474 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.466 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.984 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.256 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.528 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.479 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.363 -1.438 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td [(uncertain)27 (t)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 14.847 -3.516 Td (6.5.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_9 1 Tf 2.013 0 Td (Memory)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.22 -2.408 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.49 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.307 0 Td (seen,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.449 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (assumption)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.227 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td [(one-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.891 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.829 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.034 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.856 0 Td [(restrictiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.624 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.029 0 Td [(m)1 (igh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.467 -1.438 Td (seem,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.699 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.101 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.265 0 Td [(ev)27 (en)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.874 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.346 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.162 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.868 0 Td (run)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.7 0 Td [(exp)-27 (erimen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.376 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.135 0 Td [(t)27 (w)28 (o-p)-28 (er)1 (io)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.8 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.685 0 Td (\()Tj /T1_5 1 Tf (k)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.201 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (2\).)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td (One)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.2 -1.438 Td [(migh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.859 0 Td (presume)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.924 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.178 0 Td (longer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.994 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.837 0 Td [(allo)27 (ws)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.972 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.505 0 Td (\rexible)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.402 0 Td (strategies)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.419 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.961 0 Td (hence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.778 0 Td [(faci)1 (litates)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.829 -1.438 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.414 0 Td [(Ho)27 (w)28 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.326 0 Td (longer)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.048 0 Td (memory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.891 0 Td (increases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.201 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td (size)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.965 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.226 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.797 0 Td (Q-matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.381 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.015 0 Td [(th)27 (us)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.265 0 Td [(mak)28 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.326 -1.438 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.776 0 Td (harder,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.394 0 Td (exactly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.395 0 Td [(lik)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.818 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.383 0 Td [(in)1 (crease)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.726 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td [(n)27 (um)28 (b)-28 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.585 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.138 0 Td (\frms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.748 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.708 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.981 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.932 0 Td [(la)1 (tter)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.602 -1.438 Td (e\013ect)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.584 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.727 0 Td [(pr)1 (ev)54 (ails,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.84 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.905 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(a)27 (v)27 (erag)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.509 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.665 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.255 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (85%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (57%.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -18.858 -3.516 Td (6.6.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_9 1 Tf 2.013 0 Td [(Pr)50 (o)50 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_9 1 Tf 3.626 0 Td (substitutability)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -18.703 -2.408 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.275 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.739 0 Td (logit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.282 0 Td [(mo)-27 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.234 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.868 0 Td (decrease)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.92 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.194 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.967 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.049 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.173 0 Td (individual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.649 0 Td [(dema)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.751 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.946 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.5 0 Td (price-)Tj -35.547 -1.438 Td [(sensitiv)27 (e.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.317 0 Td (That)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.566 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.374 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td (reduction)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.47 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.259 0 Td (\026)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td (captures)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.04 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.478 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.822 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td [(pro)-27 (duct)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.789 0 Td [(substitutabilit)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_10 1 Tf 6.9738 0 0 6.9738 89.163 82.816 Tm (42)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 79.2 Tm (If)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.834 0 Td [(p)-27 (erio)-28 (d)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.114 0 Td [(w)27 (ere)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.309 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.833 0 Td (quarter)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.534 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.139 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (hour,)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 2.614 0 Td [(sa)27 (y)84 (,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.923 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.278 0 Td (1,000)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.611 0 Td [(p)-28 (erio)-28 (ds)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.509 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.917 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.844 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.333 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.889 0 Td [(w)28 (e)-1 (eks.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1187 0 obj <>stream H\Qj0 :`7A tm9dd6sϱ2eI=K29UJIjޠN*aqԓ-R.![LoPN>dV0~tvQ +Jæn]d ThLS;H52=<&G8ZzL.e% Ao>Q+ף zT^B(2Ͱ|z^ ?a p 0 endstream endobj 1188 0 obj [388.9] endobj 1189 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 114.269 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (35)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (side)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.893 0 Td [(pa)27 (ymen)27 (ts.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.587 0 Td [(T)81 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.372 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.513 0 Td [(wh)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.997 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.84 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.914 0 Td (so,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.404 0 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.743 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.971 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td [(t)27 (w)28 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.78 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.777 0 Td (divide)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.84 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.616 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.863 -1.438 Td (pro\ft.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.884 0 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.392 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (last)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.802 0 Td [(ro)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.822 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.062 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.632 0 Td (table)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.395 0 Td [(sho)27 (ws,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.03 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.633 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.068 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.978 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.93 0 Td (split)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.128 0 Td [(disprop)-27 (ortionally)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -30.647 -1.438 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.142 0 Td [(fa)27 (v)27 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.448 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td [(e\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.618 0 Td (\frm.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -11.816 -1.855 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.298 0 Td (division)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.686 0 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.192 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.809 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (impact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.327 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.423 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td [(join)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.348 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.728 0 Td [(lev)27 (el.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.075 0 Td (maximization)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.183 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.178 0 Td [(join)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.985 -1.438 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.14 0 Td (requires)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.717 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.16 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.726 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.488 0 Td [(e\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.658 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td (expand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.44 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td [(t)1 (he)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.725 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td [(e\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.658 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.835 0 Td (con)Tj EMC /HyphenSpan <>BDC (-)Tj EMC /P <>BDC -36.149 -1.438 Td (tract)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.347 0 Td [(relativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.435 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.64 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.609 0 Td (equilibrium.)Tj EMC /Link <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 322.163 614.249 Tm (41)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 334.48 609.91 Tm [(Ho)27 (w)27 (ev)28 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.169 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.864 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.81 0 Td [(pro)-27 (duce)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.679 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.77 0 Td (division)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.645 -1.438 Td (strongly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.814 0 Td (biased)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.025 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.17 0 Td [(fa)28 (v)27 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.475 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td [(e\016cien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.645 0 Td (\frm.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.367 0 Td [(Con)27 (v)27 (ersely)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.174 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.844 0 Td [(prop)-27 (ortional)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.657 0 Td (division)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.651 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.155 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.627 0 Td (gain,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.334 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.137 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.062 0 Td [(fa)27 (v)27 (ors)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.776 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.627 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.747 0 Td [(e\016cien)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.559 0 Td (\frm,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td [(en)27 (tails)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.02 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.757 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.959 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.083 0 Td (terms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.627 0 Td (total)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td (pro\ft.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -35.333 -1.855 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.367 0 Td (itself)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.379 0 Td (explains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.793 0 Td [(wh)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.074 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.516 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.672 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.128 0 Td (decreases)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.262 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.209 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.693 0 Td (degree)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.054 0 Td [(o)1 (f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.122 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.204 -1.438 Td (increases.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.282 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (other)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td [(w)27 (ords,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.999 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.899 0 Td (seems)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.705 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.041 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.984 0 Td [(do)-27 (esn't)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.325 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.646 0 Td [(mak)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td [(co)-27 (ordination)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -32.582 -1.438 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.733 0 Td (tougher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.515 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.421 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.382 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.72 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.058 0 Td (leads)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.378 0 Td (them)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.427 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.121 0 Td [(co)-27 (ordinate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.739 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.285 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf (solution)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.369 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.148 -1.438 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.209 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (maximize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.379 0 Td (total)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.339 0 Td (pro\ft.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 3.347 -3.493 Td (6.3.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 2.013 0 Td [(Sto)50 (chastic)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 4.6 0 Td (demand)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -20.627 -2.401 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.349 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.811 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.829 0 Td [(mo)-27 (del,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.308 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.811 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.369 0 Td [(en)28 (vironmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.754 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.11 0 Td (deterministic.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.277 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.137 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.274 0 Td (source)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.122 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.151 -1.438 Td [(uncertain)27 (t)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.164 0 Td [(fo)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.464 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.784 0 Td [(pla)28 (y)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.878 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.952 0 Td [(riv)54 (als')]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.83 0 Td [(exp)-27 (erimen)27 (ting)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.359 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.872 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.993 0 Td (It)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.028 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.952 0 Td (often)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.443 0 Td (argued)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.177 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.089 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.985 -1.438 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.031 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (harder)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (sustain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.33 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.556 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (conditions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.683 0 Td [(v)54 (ary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.176 0 Td [(sto)-27 (c)27 (hastically)82 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -25.375 -1.855 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.477 0 Td (assess)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.832 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (algorithms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.155 0 Td [(abilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.081 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td [(cop)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.293 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td [(uncertain)27 (t)28 (y)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.422 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.476 0 Td (let)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.45 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.722 0 Td (aggregate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.442 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.57 -1.438 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 4.735 0 Td (a)Tj /T1_3 1 Tf 7.9701 0 0 7.9701 141.956 355.791 Tm (0)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 151.273 357.585 Tm [(v)54 (ary)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.233 0 Td [(sto)-27 (c)27 (hastically)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.324 0 Td [(Sp)-27 (eci\fcally)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 5.36 0 Td (a)Tj /T1_3 1 Tf 7.9701 0 0 7.9701 323.803 355.791 Tm (0)Tj /T1_0 1 Tf 11.9552 0 0 11.9552 328.535 357.585 Tm (,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.655 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.859 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.199 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.743 0 Td [(b)-28 (enc)28 (hmark)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.089 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.041 0 Td (nil,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.743 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.042 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 448.516 344.732 Tm (H)Tj 8.161 0 Td (L)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 340.394 Tm (assumed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.955 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.223 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.36 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.388 0 Td (i.i.d.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td (binary)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.1 0 Td (random)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.618 0 Td [(v)54 (ar)1 (iable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.699 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td [(tak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.534 0 Td [(t)27 (w)27 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.878 0 Td [(v)55 (alues,)]TJ /T1_1 1 Tf ( )Tj /T1_5 1 Tf 3.216 0 Td (a)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 448.516 337.439 Tm (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 460.462 340.394 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.086 0 Td (x)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.91 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 1.931 0 Td (a)Tj EMC /StyleSpan <>BDC /T1_3 1 Tf 7.9701 0 0 7.9701 513.56 337.438 Tm (0)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 523.695 340.394 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -37.18 -1.438 Td (\000)Tj /T1_5 1 Tf (x)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.784 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.353 0 Td (equal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.707 0 Td [(probabilit)27 (y)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.319 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.358 0 Td [(corresp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.492 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.32 0 Td [(negativ)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.985 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.027 0 Td [(p)-27 (ositiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.745 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.822 0 Td [(sho)-27 (c)27 (ks,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.912 -1.438 Td [(resp)-27 (ectiv)27 (ely)82 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.566 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td [(sho)-27 (c)27 (ks)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.124 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td (purely)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.059 0 Td (idiosyncratic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.784 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.944 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.298 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.4 0 Td [(p)-27 (ersistency)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.109 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.857 0 Td [(p)-27 (erhaps)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.717 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td (most)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td [(c)27 (hallenging)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.086 0 Td (situation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.086 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -14.753 -1.855 Td (When)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.933 0 Td (x)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.967 0 Td [(=)-410 (0)]TJ /T1_5 1 Tf 1.661 0 Td (:)Tj /T1_0 1 Tf (15,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.927 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.764 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.587 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.743 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (under)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.852 0 Td [(uncertain)27 (t)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.273 0 Td (falls)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.124 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.39 0 Td (85%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.199 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.274 0 Td (81%;)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.364 -1.438 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.212 0 Td (when)Tj /T1_1 1 Tf ( )Tj /T1_5 1 Tf 2.539 0 Td (x)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.834 0 Td [(=)-278 (0)]TJ /T1_5 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (25)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.559 0 Td (\(so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.565 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.681 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.966 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.431 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.266 0 Td (20%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.103 0 Td (higher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.974 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td [(go)-27 (o)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.375 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td (bad)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.886 0 Td (states\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.148 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.444 0 Td [(pro\f)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.6 0 Td [(gai)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.056 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.919 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.844 0 Td (73%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.328 0 Td [(Apparen)28 (tly)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.266 0 Td (then,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.437 0 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.634 0 Td [(v)55 (ariabilit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.586 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (hinder)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.981 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.238 -1.438 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.155 0 Td (\frms,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.726 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.856 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td [(exp)-27 (ected,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.352 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.795 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.209 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (eliminate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.243 0 Td (it.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -16.809 -3.493 Td (6.4.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 2.013 0 Td [(V)75 (ariable)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.865 0 Td (market)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 3.288 0 Td [(structur)50 (e)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.667 -2.401 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.242 0 Td (our)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.76 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.723 0 Td [(exp)-27 (erimen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.763 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.38 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.651 0 Td [(activ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.847 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.379 0 Td (times.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.907 0 Td [(T)81 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.461 0 Td (analyze)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.527 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td (impact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.283 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.134 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.451 -1.438 Td [(v)54 (ariable)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.67 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.317 0 Td (structure,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.465 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.44 0 Td [(rep)-27 (eat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.018 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.685 0 Td [(exer)1 (cise)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.621 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.794 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.066 0 Td (\(the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.066 0 Td (\\outsider"\))Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.118 0 Td [(en)27 (te)1 (ring)]TJ /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_8 1 Tf 6.9738 0 0 6.9738 89.163 106.726 Tm (41)Tj EMC /StyleSpan <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 97.604 103.111 Tm (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.285 0 Td (e\013ect)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.64 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.168 0 Td [(b)-28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.363 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.229 0 Td (pronounced)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.394 0 Td (tha)Tj EMC /P <>BDC (t)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.168 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.723 0 Td [(le)-1 (ss)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.847 0 Td [(e\016cien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.696 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.116 0 Td [(ma)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.168 0 Td (actually)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 3.807 0 Td (get)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.668 0 Td (less)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.846 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.727 0 Td [(und)1 (e)-1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.837 0 Td [(join)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.529 -1.2 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.698 0 Td (maximization)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.224 0 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.306 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.695 0 Td (Bertrand-Nash)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.776 0 Td (equilibrium.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.56 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.256 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 0.979 0 Td [(wh)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.084 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.696 0 Td [(lev)28 (el)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.25 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.113 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.695 0 Td (individual)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.667 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf -43.139 -1.2 Td (gains)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.561 0 Td (\001)Tj /T1_9 1 Tf 6.9738 0 0 6.9738 113.018 77.706 Tm (i)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 9.9626 0 0 9.9626 119.656 79.2 Tm [(giv)28 (en)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.612 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.175 0 Td (needs)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.727 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.223 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td [(in)28 (terpreted)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.144 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.279 0 Td [(caution)1 (.)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1190 0 obj <>stream /Artifact <>BDC q 1 0 0 1 132.532 300.195 cm 0 G 0.398 w 0 J []0 d 0 0 m 346.937 0 l S Q q 1 0 0 1 132.532 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 258.161 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 291.577 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 330.196 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 368.815 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 407.433 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 440.85 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 479.468 282.805 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 132.532 282.605 cm 0 G 0.398 w 0 J []0 d 0 0 m 346.937 0 l S Q q 1 0 0 1 132.532 280.613 cm 0 G 0.398 w 0 J []0 d 0 0 m 346.937 0 l S Q q 1 0 0 1 132.532 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 258.161 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 291.577 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 330.196 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 368.815 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 407.433 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 440.85 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 479.468 263.223 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 132.532 263.024 cm 0 G 0.398 w 0 J []0 d 0 0 m 346.937 0 l S Q q 1 0 0 1 132.532 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 258.161 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 291.577 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 330.196 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 368.815 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 407.433 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 440.85 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 479.468 245.634 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 17.191 l S Q q 1 0 0 1 132.532 245.435 cm 0 G 0.398 w 0 J []0 d 0 0 m 346.937 0 l S Q q 1 0 0 1 132.532 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 139.705 235.147 cm 0 G 0.478 w 0 J []0 d 0 0 m 25.321 0 l S Q q 1 0 0 1 258.161 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 291.577 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 330.196 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 368.815 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 407.433 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 440.85 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 479.468 225.058 cm 0 G 0.398 w 0 J []0 d 0 0 m 0 20.178 l S Q q 1 0 0 1 132.532 224.859 cm 0 G 0.398 w 0 J []0 d 0 0 m 346.937 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (34)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 700.844 Tm (somewhat)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.575 0 Td [(w)27 (orrying)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.08 0 Td [(prop)-27 (ert)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.998 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.116 0 Td (pricing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.264 0 Td (algorithms.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.033 -1.855 Td (These)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.951 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.228 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.749 0 Td (all)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.477 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.803 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td [(remark)54 (able)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.149 0 Td [(b)-27 (ecause)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.739 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.803 0 Td [(enlargemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.638 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.803 0 Td (state)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.516 0 Td [(s)-1 (p)1 (ace)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.653 -1.438 Td [(in)27 (terferes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.206 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.189 0 Td (learning.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.984 0 Td (Indeed,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.412 0 Td [(mo)27 (ving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.386 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 2.27 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.862 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.774 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.155 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.862 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (3)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.775 0 Td [(o)1 (r)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.154 0 Td (n)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.862 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.774 0 Td (drastically)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.724 0 Td (enlarges)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.51 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (Q-matrix,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.578 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.347 0 Td (3,375)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.592 0 Td [(t)1 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (around)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.353 0 Td (50,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.082 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td [(o)27 (v)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.13 0 Td (750,000)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.571 0 Td [(en)27 (tries.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.441 0 Td (Since)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.591 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (parameter)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf -33.59 -1.438 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.988 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.038 0 Td (held)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.175 0 Td [(constan)27 (t,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.275 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (increase)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.758 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (size)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.909 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (matrix)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.236 0 Td [(mak)27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.996 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td [(e\013ectiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.834 0 Td [(amoun)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.617 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.151 -1.438 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.195 0 Td [(m)28 (uc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.665 0 Td [(lo)27 (w)28 (er.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.883 0 Td (If)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.033 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.156 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.989 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.257 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.257 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.25 0 Td [(comp)-28 (ensate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.364 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.551 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.741 0 Td [(enlargemen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.576 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.17 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.583 -1.438 Td (matrix,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.448 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td (least)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td [(partia)1 (lly)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.128 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.68 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.658 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.115 0 Td (increases.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.356 0 Td [(F)81 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.747 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.101 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.224 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.496 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.447 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.435 0 Td [(\f)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.309 -1.438 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (close)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.344 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.197 0 Td (75%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.496 0 Td [(lo)27 (w)27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.557 0 Td [(v)54 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.916 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.115 0 Td (\f)Tj /T1_0 1 Tf 0.608 0 Td (.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -17.27 -1.855 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.522 0 Td (three)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.495 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.189 0 Td (four)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.033 0 Td [(agen)27 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.289 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.679 0 Td (impulse)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.588 0 Td [(resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.947 0 Td (functions)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.214 0 Td (remain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.257 0 Td [(qualitativ)27 (ely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.65 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.208 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.071 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.771 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.157 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.2 0 Td [(duop)-27 (oly)81 (.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.029 0 Td [(W)82 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.77 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.994 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.343 0 Td [(punishmen)28 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.051 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.989 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.227 0 Td (fact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.016 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.771 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.394 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.069 0 Td (harsher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.781 -1.438 Td (than)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.284 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(t)27 (w)27 (o-\f)1 (rms)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.303 0 Td (case.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 4.723 -3.311 Td (6.2.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_4 1 Tf 2.013 0 Td (Asymmetric)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 5.489 0 Td (\frms)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -21.64 -2.34 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.924 0 Td [(con)27 (v)27 (en)28 (tional)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.569 0 Td (wisdom)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.453 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.658 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.891 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.033 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.976 0 Td [(imp)-27 (edes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.698 0 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.215 0 Td (Firms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.732 0 Td [(con)27 (templating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.304 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.453 -1.438 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.228 0 Td [(collusiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.865 0 Td [(agreemen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.649 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.37 0 Td [(solv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.342 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.76 0 Td [(t)28 (w)27 (o-fold)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.724 0 Td (problem)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.751 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.059 0 Td [(co)-27 (ordination:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.9 0 Td [(t)1 (hey)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.146 0 Td [(m)27 (ust)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.37 0 Td [(c)28 (ho)-27 (ose)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.164 -1.438 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.231 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.429 0 Td [(p)1 (rice)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td [(lev)27 (el,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.422 0 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.721 0 Td (determines)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.875 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td [(ag)1 (gregate)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.325 0 Td (pro\ft,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.857 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.824 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.606 0 Td [(relativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.401 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.215 -1.438 Td [(whic)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.789 0 Td (determine)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.558 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.028 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.675 0 Td (total)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.327 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.654 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.972 0 Td [(s)-1 (p)1 (lit)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.17 0 Td (among)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.144 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.674 0 Td (\frms.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.714 0 Td [(Ac)27 (hiev)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.53 0 Td [(co)-27 (ordination)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.673 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.908 -1.438 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.312 0 Td (issues)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.736 0 Td (without)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.644 0 Td (explicit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.454 0 Td [(comm)27 (unication)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.827 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td [(generall)1 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.161 0 Td (regarded)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.025 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td [(daun)27 (ti)1 (ng)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.108 0 Td (task.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -34.271 -1.855 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.41 0 Td (see)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.551 0 Td [(ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.009 0 Td [(Q-learnin)1 (g)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.81 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.815 0 Td [(cop)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.226 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.198 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.476 0 Td (problems,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.434 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.41 0 Td [(consid)1 (ered)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.28 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.986 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.365 -1.438 Td (demand)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.763 0 Td (asymmetries)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.705 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.178 0 Td [(di\013eren)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.926 0 Td (degrees.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.768 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.076 0 Td (results)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.175 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.695 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.804 0 Td [(sensitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.991 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.75 0 Td (source)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.061 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.152 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(asymmetry)81 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.255 0 Td (so)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td [(T)81 (able)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.693 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.816 0 Td [(rep)-27 (orts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.351 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.148 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.073 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.115 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.019 0 Td [(a)1 (s)-1 (y)1 (mmetry)81 (.)]TJ /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_3 1 Tf -19.083 -3.191 Td (c)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 143.547 286.169 Tm (2)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 264.138 287.962 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 2.795 0 Td (0)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (875)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 3.23 0 Td (0)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (750)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 3.23 0 Td (0)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (625)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 3.23 0 Td (0)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (5)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf 2.795 0 Td (0)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (25)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf -25.789 -1.638 Td (2's)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.474 0 Td (Nash)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.481 0 Td [(mark)28 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.318 0 Td (share)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.235 0 Td (50%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 2.795 0 Td (55%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (59%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (63%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (66%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 2.795 0 Td (72%)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_0 1 Tf -25.789 -1.471 Td (\001)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 10.508 0 Td (85%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 2.795 0 Td (84%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (81%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (78%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (76%)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 2.795 0 Td (71%)Tj /T1_1 1 Tf ( )Tj EMC /TH <>BDC /T1_6 1 Tf 7.9701 0 0 7.9701 139.705 238.338 Tm (\031)Tj /T1_7 1 Tf 5.9776 0 0 5.9776 144.568 237.231 Tm (1)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 148.719 238.338 Tm (=\031)Tj /T1_8 1 Tf 5.9776 0 0 5.9776 158.102 241.151 Tm (N)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -0.048 -0.884 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_6 1 Tf 7.9701 0 0 7.9701 139.705 227.6 Tm (\031)Tj /T1_7 1 Tf 5.9776 0 0 5.9776 144.568 226.493 Tm (2)Tj /T1_6 1 Tf 7.9701 0 0 7.9701 148.719 227.6 Tm (=\031)Tj /T1_8 1 Tf 5.9776 0 0 5.9776 158.102 230.345 Tm (N)Tj /T1_1 1 Tf ( )Tj /T1_7 1 Tf -0.048 -0.884 Td (2)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 264.138 232.158 Tm (1)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 2.795 0 Td (1)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (05)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (1)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (12)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (1)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (19)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 3.23 0 Td (1)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (27)Tj /T1_1 1 Tf ( )Tj EMC /TD <>BDC /T1_0 1 Tf 2.795 0 Td (1)Tj /T1_3 1 Tf (:)Tj /T1_0 1 Tf (446)Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf -19.176 -1.877 Td [(T)82 (able)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.693 0 Td (1:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.088 0 Td (Cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.29 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.065 0 Td (\()Tj /T1_3 1 Tf 0.38 0 Td (c)Tj EMC /P <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 360.289 207.922 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 368.342 209.716 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.04 0 Td (1\).)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -25.225 -3.311 Td (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.426 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td (table)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td [(sho)27 (ws,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.064 0 Td (asymmetry)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.045 0 Td [(do)-27 (es)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.188 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.08 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.667 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.489 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.645 0 Td (gain,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.373 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.776 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.128 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.176 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.797 0 Td (limited)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.949 -1.438 Td [(exten)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.221 0 Td [(F)82 (or)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.711 0 Td (example,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.064 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.099 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.774 0 Td [(v)55 (arian)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.275 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.073 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td (baseline)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.661 0 Td [(mo)-27 (del)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.868 0 Td (where)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.785 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.643 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.406 0 Td [(e\016cie)1 (n)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.575 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.024 0 Td (\(\frm)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf -35.822 -1.438 Td (2\))Tj /T1_1 1 Tf ( )Tj EMC /StyleSpan <>BDC /T1_0 1 Tf 1.247 0 Td (has)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.867 0 Td (12.5%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.933 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.069 0 Td [(adv)55 (an)27 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.674 0 Td (\(that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.552 0 Td (is,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.307 0 Td (c)Tj EMC /Span <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 292.792 133.96 Tm (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 301.867 135.753 Tm (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.125 0 Td (1)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.867 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.953 0 Td (c)Tj /T1_5 1 Tf 7.9701 0 0 7.9701 354.071 133.96 Tm (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 11.9552 0 0 11.9552 363.146 135.753 Tm [(=)-363 (0)]TJ /T1_3 1 Tf 1.614 0 Td (:)Tj /T1_0 1 Tf (875\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.771 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.736 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.559 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.716 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (falls)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.08 0 Td (from)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.347 0 Td (85%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.231 0 Td (84%.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td (With)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.564 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.851 0 Td (25%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td (cost)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.053 0 Td [(adv)55 (an)27 (tage,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.93 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td [(a)27 (v)27 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.544 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.7 0 Td [(ga)1 (in)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.156 0 Td [(i)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.019 0 Td [(81%)1 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.428 0 Td [(a)1 (nd)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.364 -1.438 Td [(ev)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.817 0 Td (50%)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.121 0 Td [(adv)54 (an)28 (tage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.624 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.979 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.91 0 Td (76%.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -15.895 -1.855 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (part)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.139 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (decrease)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.884 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.16 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td [(a)27 (v)28 (erage)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.526 0 Td (pro\ft)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.682 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.138 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.002 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.15 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.833 0 Td (consequence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.544 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.133 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.703 0 Td (absence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.612 0 Td (of)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm0 Do Q EMC endstream endobj 1191 0 obj <>stream BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 79.2 726.747 Tm (32)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 364.219 729.266 Tm (\022)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf -20.951 -0.253 Td (E.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 1.291 0 Td [(CAL)111 (V)111 (ANO,)]TJ /T1_1 1 Tf ( )Tj /T1_2 1 Tf 5.514 0 Td (G.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.397 0 Td (CALZOLARI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 6.569 0 Td (V.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.361 0 Td (DENICOL)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.681 0 Td (O,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.389 0 Td (S.)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.167 0 Td [(P)84 (ASTORELLO)]TJ /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.05005 0 0 1.05005 79.2 469.9159823 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 85.266 497.466 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.087 0 Td (7:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.089 0 Td (Price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.515 0 Td (Impulse)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.677 0 Td [(resp)-27 (onse,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.227 0 Td [(5-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.862 0 Td (deviation,)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 4.542 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_3 1 Tf [(;)-167 (\f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td [(=)-278 (4)]TJ /T1_1 1 Tf ( )Tj /T1_4 1 Tf 1.751 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 464.729 501.804 Tm (\000)Tj /T1_6 1 Tf (6)Tj EMC /P <>BDC /T1_3 1 Tf 11.9552 0 0 11.9552 476.048 497.466 Tm [(;)-167 (\016)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (95.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -35.911 -3.582 Td (strategic,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.248 0 Td [(gen)27 (uinely)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.352 0 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.922 0 Td [(b)-27 (eha)27 (vior.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -12.522 -1.855 Td (Going)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.05 0 Td [(bac)27 (k)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.445 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.357 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.276 0 Td [(patien)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.506 0 Td [(agen)28 (ts,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.456 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.247 0 Td (7)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.976 0 Td (illustrates)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.687 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.846 0 Td (case)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.232 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.276 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.976 0 Td [(5-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.408 -1.438 Td (deviation.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.437 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.907 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.204 0 Td (gets)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.914 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.711 0 Td (bit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.418 0 Td (harsher)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.382 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.207 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.582 0 Td (second)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.055 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.165 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.69 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.126 0 Td [(stab)1 (ilizes.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.798 -1.438 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.19 0 Td [(an)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.817 0 Td (case,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.311 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.653 0 Td [(non-devi)1 (ating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.14 0 Td (\frm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.034 0 Td (stands)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.024 0 Td (ready)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.659 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.163 0 Td [(forgiv)27 (e:)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.421 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td [(so)-27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.23 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.169 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.653 0 Td (defection)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.128 0 Td (ends,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.761 -1.438 Td (there)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.594 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.075 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.908 0 Td (gradual)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.628 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.083 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td (original)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.627 0 Td (prices,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.143 0 Td (on)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.452 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td (pattern)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.573 0 Td (similar)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.306 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.778 0 Td [(one-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.428 -1.438 Td (deviation.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 0 -1.855 TD (As)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.481 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.851 0 Td (\fnal)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td [(c)27 (hec)27 (k,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.945 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.475 0 Td (calculate)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.115 0 Td (an)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.395 0 Td (index)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.673 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td [(in)27 (tensit)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.039 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.15 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td [(punishmen)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.343 0 Td (for)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.531 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td [(en)27 (tire)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.522 -1.438 Td (grid)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.105 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(v)55 (alues)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.008 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.208 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.048 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.996 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.027 0 Td (considered)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.885 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.235 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.001 0 Td (section.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.634 0 Td (A)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.153 0 Td (comparison)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.266 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.207 0 Td (Figures)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.566 0 Td (8)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.909 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.997 0 Td (2)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.453 -1.438 Td (clearly)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.172 0 Td [(sho)27 (w)1 (s)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.855 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.22 0 Td [(p)-27 (ositiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.666 0 Td [(correlatio)1 (n)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.939 0 Td [(b)-27 (et)27 (w)27 (een)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.824 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td [(pro\f)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.708 0 Td (gain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.165 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.948 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.73 0 Td (harshness)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.465 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.152 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td [(punishmen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.567 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.221 0 Td (further)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.277 0 Td (con\frms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.909 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.107 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.672 0 Td [(supra-comp)-27 (etitiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.961 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.765 0 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.618 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.673 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.711 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.153 -1.438 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.285 0 Td [(collusion)1 (.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -4.352 -1.855 Td (Summarizing,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.205 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.445 0 Td (\fnd)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.962 0 Td (clear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.343 0 Td (evidence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.948 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.119 0 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.926 0 Td [(b)-27 (eha)27 (vior.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.274 0 Td (The)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.016 0 Td [(supra-comp)-27 (etitiv)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 7.979 0 Td [(p)1 (ro\fts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.217 -1.438 Td (are)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.631 0 Td [(supp)-27 (orted)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.6 0 Td [(b)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.358 0 Td (o\013-path)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td [(punishmen)28 (ts)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.693 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.12 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.256 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.815 0 Td (\fnite)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.501 0 Td [(durat)1 (ion,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.241 0 Td (with)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.229 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.815 0 Td [(slo)28 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.152 0 Td (return)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.991 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.073 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (pre-deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.956 0 Td (prices.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_0 1 Tf 7.885 -3.246 Td (6.)Tj /T1_1 1 Tf ( )Tj EMC /Span <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 279.786 177.423 Tm [(R)28 (OBUSTNESS)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 147.963 Tm [(Ho)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.321 0 Td (robust)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.142 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.074 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2 0 Td (result)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.816 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.287 0 Td [(c)27 (hanges)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.714 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.233 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.776 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.334 0 Td [(en)27 (vironmen)27 (t?)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.182 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.314 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2 0 Td (section,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.632 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.825 -1.438 Td (consider)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.903 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.905 0 Td [(n)27 (um)27 (b)-27 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.653 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.204 0 Td (economic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.333 0 Td (factors)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.276 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.211 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.212 0 Td [(a)1 (\013ect)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.727 0 Td (\frms')Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.815 0 Td [(abilit)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.135 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.286 0 Td (sustain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.418 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.906 0 Td (tacit)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.984 -1.438 Td [(collusiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.877 0 Td [(agreemen)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.933 0 Td [(W)81 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.641 0 Td (start)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.3 0 Td [(fro)1 (m)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.267 0 Td (factors)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.142 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.077 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.097 0 Td (theory)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.029 0 Td [(m)1 (igh)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.757 0 Td (disrupt)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.333 0 Td [(co)-27 (ordination,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.911 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.364 -1.438 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.506 0 Td (then)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.295 0 Td [(mo)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.595 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.261 0 Td (factors)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.252 0 Td (whose)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.954 0 Td (impact)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.049 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.805 0 Td (clear)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.404 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.882 0 Td (priori.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.002 0 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.288 0 Td (this)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.974 0 Td [(comparativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.613 0 Td (statics)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.209 -1.438 Td (exercise,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.907 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.454 0 Td [(k)28 (eep)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.242 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.698 0 Td (learning)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.766 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.916 0 Td (exploration)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.153 0 Td [(par)1 (ameters)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 5.076 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.968 0 Td (and)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.916 0 Td (\f)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.947 0 Td [(constan)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.961 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 1.209 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.928 0 Td [(=)-298 (0)]TJ /T1_3 1 Tf (:)Tj /T1_0 1 Tf (15)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1 0 0 1 153 0 cm /GS0 gs /Fm1 Do Q EMC endstream endobj 1192 0 obj <>stream /Artifact <>BDC q 1 0 0 1 79.2 90.359 cm 0 G 0.398 w 0 J []0 d 0 0 m 181.437 0 l S Q EMC BT /Artifact <>BDC 0 g /T1_0 1 Tf 0 Tc 0 Tw 0 Ts 100 Tz 0 Tr 11.9552 0 0 11.9552 521.094 726.747 Tm (31)Tj /T1_1 1 Tf ( )Tj EMC /Artifact <>BDC /T1_2 1 Tf 9.9626 0 0 9.9626 192.26 726.747 Tm (AI,)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 1.722 0 Td (ALGORITHMIC)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 7.841 0 Td (PRICING)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 4.729 0 Td (AND)Tj /T1_1 1 Tf ( )Tj /T1_2 1 Tf 2.597 0 Td (COLLUSION)Tj /T1_1 1 Tf ( )Tj EMC ET /Figure <>BDC q 1.05005 0 0 1.05005 79.2 469.915874 cm 0 G /Fm0 Do Q EMC BT /P <>BDC /T1_0 1 Tf 11.9552 0 0 11.9552 79.2 494.49 Tm (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.031 0 Td (6:)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.032 0 Td (Price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.459 0 Td (Impulse)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.621 0 Td [(resp)-27 (onse,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.17 0 Td [(1-p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.806 0 Td (deviation)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.214 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.14 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.63 0 Td (9th)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.684 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.337 0 Td (\(1.74\),)Tj /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.044 0 Td (\013)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.907 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (15)Tj /T1_3 1 Tf [(;)-167 (\f)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.576 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.18 -1.208 Td (4)Tj /T1_1 1 Tf ( )Tj /T1_4 1 Tf 0.712 0 Td (\002)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1 0 Td (10)Tj EMC /StyleSpan <>BDC /T1_5 1 Tf 7.9701 0 0 7.9701 111.371 484.382 Tm (\000)Tj /T1_6 1 Tf (6)Tj EMC /P <>BDC /T1_3 1 Tf 11.9552 0 0 11.9552 122.69 480.044 Tm [(;)-167 (\016)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.188 0 Td [(=)-278 (0)]TJ /T1_3 1 Tf 1.529 0 Td (:)Tj /T1_0 1 Tf (95.)Tj /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -6.354 -3.435 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.258 0 Td [(sho)27 (ws,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.107 0 Td [(b)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.383 0 Td (itself,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.666 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td (what)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.471 0 Td [(w)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.464 0 Td [(ha)27 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.281 0 Td (here)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.144 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.007 0 Td (collusion)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.054 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (sense)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.536 0 Td (of)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.139 0 Td [(Harringto)1 (n.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.326 0 Td [(A)28 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.854 -1.438 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.827 0 Td (more)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.458 0 Td [(sp)-28 (eculati)1 (v)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.048 0 Td [(lev)27 (el,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.512 0 Td [(ho)27 (w)27 (ev)27 (er,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.036 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.806 0 Td [(ma)27 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.133 0 Td [(w)28 (onder)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.41 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.764 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.858 0 Td (really)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.703 0 Td [(in)28 (tend)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.251 -1.438 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (punish)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.179 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.706 0 Td (defection,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.453 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.215 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.773 0 Td (instead)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.398 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.705 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.413 0 Td (cuts)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.092 0 Td [(serv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.472 0 Td (simply)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.153 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.216 0 Td (regain)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.956 0 Td [(mark)27 (et)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -34.947 -1.438 Td (share.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.752 0 Td [(T)82 (o)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.359 0 Td (put)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.713 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.897 0 Td [(di\013eren)27 (tly)82 (,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.76 0 Td [(th)1 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.604 0 Td (issue)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.268 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.902 0 Td (whether)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.671 0 Td [(w)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.358 0 Td [(observ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.405 0 Td (true)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.985 0 Td (strategic)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.894 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.916 0 Td (or)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.114 0 Td (just)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td (a)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.452 -1.438 Td (stable)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.779 0 Td (dynamical)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.651 0 Td (system)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.192 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.067 0 Td [(m)1 (ec)27 (hanically)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.765 0 Td [(ret)1 (urns)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.323 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.141 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.311 0 Td (rest)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.854 0 Td [(p)-27 (oin)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.503 0 Td (after)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.257 0 Td [(b)-27 (eing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.584 0 Td [(p)-27 (erturb)-27 (ed.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.427 -1.438 Td [(Lo)-27 (oking)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.802 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.183 0 Td (at)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td (Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.122 0 Td (5,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.124 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.177 0 Td (fact,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.239 0 Td [(i)1 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.014 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.02 0 Td (hard)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.319 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.232 0 Td [(te)1 (ll)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.721 0 Td (these)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.542 0 Td [(alternativ)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.932 0 Td [(expla)1 (nations)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.725 0 Td (apart.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.384 -1.438 Td (But)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.931 0 Td (if)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.883 0 Td (one)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td (considers)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.186 0 Td (smaller)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.364 0 Td (deviations)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.643 0 Td (\(Figure)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.454 0 Td (6\),)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.454 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.673 0 Td (di\013erence)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.366 0 Td [(b)-27 (ecomes)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.881 0 Td [(p)-27 (erfectly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.038 0 Td (clear.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.655 -1.438 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.156 0 Td [(resp)-27 (onse)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.887 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.128 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.619 0 Td (deviation,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.475 0 Td [(b)-27 (oth)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.243 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.78 0 Td [(no)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.973 0 Td (cut)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.618 0 Td (their)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.272 0 Td (prices)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.712 0 Td [(furth)1 (er)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.223 0 Td [(do)27 (wn,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.789 0 Td [(b)-27 (elo)27 (w)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.706 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.581 -1.438 Td (exogenous)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.7 0 Td (initial)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.873 0 Td [(re)1 (duction.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.668 0 Td [(Suc)28 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.41 0 Td [(\\o)27 (v)28 (ersho)-27 (oting")]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.741 0 Td [(w)28 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.9 0 Td [(b)-27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.376 0 Td (di\016cult)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.635 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.24 0 Td (rationalize)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.831 0 Td (unless)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -35.374 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (non-deviating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 6.174 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.461 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.984 0 Td (really)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.692 0 Td (punishing)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.467 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td [(riv)55 (al.)]TJ /T1_1 1 Tf ( )Tj EMC /P <>BDC /T1_0 1 Tf -22.15 -1.855 Td (In)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.246 0 Td [(fa)1 (ct,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.225 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.001 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.007 0 Td (tempting)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.21 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.219 0 Td [(sa)28 (y)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.714 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.143 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.709 0 Td (deviating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.292 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.482 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.007 0 Td [(activ)27 (e)1 (ly)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.639 0 Td (participating)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.842 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.165 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.901 -1.438 Td [(o)27 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.158 0 Td [(pun)1 (is)-1 (h)1 (men)27 (t.)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.698 0 Td [(Suc)27 (h)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.484 0 Td [(self)1 (-reactiv)27 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.481 0 Td [(b)-27 (eha)27 (vior)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.116 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.101 0 Td (indeed)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.218 0 Td (often)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.593 0 Td [(instrumen)28 (tal)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.861 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.26 0 Td [(ac)27 (hieving)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -33.97 -1.438 Td (collusion.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.398 0 Td [(A)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.51 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td [(v)27 (ery)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.245 0 Td (least,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.657 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.782 0 Td [(de)1 (viating)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.365 0 Td (algorithms)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.942 0 Td (is)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.08 0 Td [(an)27 (ticipat)1 (ing)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.508 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.781 0 Td [(punishmen)27 (t)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 5.405 0 Td ({)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.454 -1.438 Td (otherwise)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.363 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td [(w)27 (ould)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.862 0 Td [(ha)27 (v)28 (e)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.263 0 Td (no)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.367 0 Td [(re)1 (ason)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.057 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.202 0 Td (reduce)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.106 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.371 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.399 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td [(so)-27 (on)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.269 0 Td (as)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.208 0 Td (it)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.985 0 Td (regains)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.329 0 Td [(con)27 (trol,)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.569 0 Td (i.e.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.583 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf -37.126 -1.438 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.056 0 Td (\034)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.831 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (1,)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td [(giv)27 (en)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.565 0 Td (that)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.131 0 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.696 0 Td [(riv)54 (al's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.872 0 Td (price)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.402 0 Td [(w)27 (as)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.892 0 Td (still)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.919 0 Td (high)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.186 0 Td (in)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.152 0 Td [(p)-27 (erio)-27 (d)]TJ /T1_1 1 Tf ( )Tj /T1_3 1 Tf 3.055 0 Td (\034)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 0.831 0 Td (=)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.056 0 Td (0.)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.098 0 Td (This)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.245 0 Td (means)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 3.007 0 Td [(t)1 (hat)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf -36.147 -1.438 Td (the)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.686 0 Td (algorithm)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.461 0 Td [(resp)-27 (onds)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 4.063 0 Td (not)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.74 0 Td (only)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.149 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.365 0 Td [(riv)54 (al's)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.862 0 Td (but)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.796 0 Td (also)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.963 0 Td (to)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.196 0 Td (its)Tj /T1_1 1 Tf ( )Tj /T1_0 1 Tf 1.366 0 Td [(o)28 (wn)]TJ /T1_1 1 Tf ( )Tj /T1_0 1 Tf 2.04 0 Td (past)Tj /T1_1 1 Tf ( )Tj /T1_0 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endobj 1814 0 obj <> endobj 1815 0 obj <> endobj 1816 0 obj <> endobj 1817 0 obj <> endobj 1818 0 obj <> endobj 1819 0 obj <> endobj 1820 0 obj <> endobj 1821 0 obj <> endobj 1822 0 obj <> endobj 1823 0 obj <> endobj 1824 0 obj <> endobj 1825 0 obj <> endobj 1826 0 obj <> endobj 1827 0 obj <> endobj 1828 0 obj <> endobj 1829 0 obj <> endobj 1830 0 obj <> endobj 1831 0 obj <> endobj 1832 0 obj <> endobj 1833 0 obj <> endobj 1834 0 obj <> endobj 1835 0 obj <> endobj 1836 0 obj <> endobj 1837 0 obj <> endobj 1838 0 obj <> endobj 1839 0 obj <> endobj 1840 0 obj <> endobj 1841 0 obj <> endobj 1842 0 obj <> endobj 1843 0 obj <> endobj 1844 0 obj <> endobj 1845 0 obj <> endobj 1846 0 obj <> endobj 1847 0 obj <> endobj 1848 0 obj <> endobj 1849 0 obj <> endobj 1850 0 obj <> endobj 1851 0 obj <> endobj 1852 0 obj <> endobj 1853 0 obj <> endobj 1854 0 obj <> endobj 1855 0 obj <> endobj 1856 0 obj <> endobj 1857 0 obj <> endobj 1858 0 obj <> endobj 1859 0 obj <> endobj 1860 0 obj <> endobj 1861 0 obj <> endobj 1862 0 obj <> endobj 1863 0 obj <> endobj 1864 0 obj <> endobj 1865 0 obj <> endobj 1866 0 obj <> endobj 1867 0 obj <> endobj 1868 0 obj <> endobj 1869 0 obj <> endobj 1870 0 obj <> endobj 1871 0 obj <> endobj 1872 0 obj <> endobj 1873 0 obj <> endobj 1874 0 obj <> endobj 1875 0 obj <> endobj 1876 0 obj <> endobj 1877 0 obj <> endobj 1878 0 obj <> endobj 1879 0 obj <> endobj 1880 0 obj <> endobj 1881 0 obj <> endobj 1882 0 obj <> endobj 1883 0 obj <> endobj 1884 0 obj <> endobj 1885 0 obj <> endobj 1886 0 obj <> endobj 1887 0 obj <> endobj 1888 0 obj <> endobj 1889 0 obj <> endobj 1890 0 obj <> endobj 1891 0 obj <> endobj 1892 0 obj <> endobj 1893 0 obj <> endobj 1894 0 obj <> endobj 1895 0 obj <> endobj 1896 0 obj <> endobj 1897 0 obj <> endobj 1898 0 obj <> endobj 1899 0 obj <> endobj 1900 0 obj <> endobj 1901 0 obj <> endobj 1902 0 obj <> endobj 1903 0 obj <> endobj 1904 0 obj <> endobj 1905 0 obj <> endobj 1906 0 obj <> endobj 1907 0 obj <> endobj 1908 0 obj <> endobj 1909 0 obj <> endobj 1910 0 obj <> endobj 1911 0 obj <> endobj 1912 0 obj <> endobj 1913 0 obj <> endobj 1914 0 obj <> endobj 1915 0 obj <> endobj 1916 0 obj <> endobj 1917 0 obj <> endobj 1918 0 obj <> endobj 1919 0 obj <> endobj 1920 0 obj <> endobj 1921 0 obj <> endobj 1922 0 obj <> endobj 1923 0 obj <> endobj 1924 0 obj <> endobj 1925 0 obj <> endobj 1926 0 obj <> endobj 1927 0 obj <> endobj 1928 0 obj <> endobj 1929 0 obj <> endobj 1930 0 obj <> endobj 1931 0 obj <> endobj 1932 0 obj <> endobj 1933 0 obj <> endobj 1934 0 obj <> endobj 1935 0 obj <> endobj 1936 0 obj <> endobj 1937 0 obj <> endobj 1938 0 obj <> endobj 1939 0 obj <> endobj 1940 0 obj <> endobj 1941 0 obj <> endobj 1942 0 obj <> endobj 1943 0 obj <> endobj 1944 0 obj <> endobj 1945 0 obj <> endobj 1946 0 obj <> endobj 1947 0 obj <> endobj 1948 0 obj <> endobj 1949 0 obj <> endobj 1950 0 obj <> endobj 1951 0 obj <> endobj 1952 0 obj <> endobj 1953 0 obj <> endobj 1954 0 obj <> endobj 1955 0 obj <> endobj 1956 0 obj <> endobj 1957 0 obj <> endobj 1958 0 obj <> endobj 1959 0 obj <> endobj 1960 0 obj <> endobj 1961 0 obj <> endobj 1962 0 obj <> endobj 1963 0 obj <> endobj 1964 0 obj <> endobj 1965 0 obj <> endobj 1966 0 obj <> endobj 1967 0 obj <> endobj 1968 0 obj <> endobj 1969 0 obj <> endobj 1970 0 obj <> endobj 1971 0 obj <> endobj 1972 0 obj <> endobj 1973 0 obj <> endobj 1974 0 obj <> endobj 1975 0 obj <> endobj 1976 0 obj <> endobj 1977 0 obj <> endobj 1978 0 obj <> endobj 1979 0 obj <> endobj 1980 0 obj <> endobj 1981 0 obj <> endobj 1982 0 obj <> endobj 1983 0 obj <> endobj 1984 0 obj <> endobj 1985 0 obj <> endobj 1986 0 obj <> endobj 1987 0 obj <> endobj 1988 0 obj <> endobj 1989 0 obj <> endobj 1990 0 obj <> endobj 1991 0 obj <> endobj 1992 0 obj <> endobj 1993 0 obj <> endobj 1994 0 obj <> endobj 1995 0 obj <> endobj 1996 0 obj <> endobj 1997 0 obj <> endobj 1998 0 obj <> endobj 1999 0 obj <> endobj 2000 0 obj <> endobj 2001 0 obj <> endobj 2002 0 obj <> endobj 2003 0 obj <> endobj 2004 0 obj <> endobj 2005 0 obj <> endobj 2006 0 obj <> endobj 2007 0 obj <> endobj 2008 0 obj <> endobj 2009 0 obj <> endobj 2010 0 obj <> endobj 2011 0 obj <> endobj 2012 0 obj <> endobj 2013 0 obj <> endobj 2014 0 obj <> endobj 2015 0 obj <> endobj 2016 0 obj <> endobj 2017 0 obj <> endobj 2018 0 obj <> endobj 2019 0 obj <> endobj 2020 0 obj <> endobj 2021 0 obj <> endobj 2022 0 obj <> endobj 2023 0 obj <> endobj 2024 0 obj <> endobj 2025 0 obj <> endobj 2026 0 obj <> endobj 2027 0 obj <> endobj 2028 0 obj <> endobj 2029 0 obj <> endobj 2030 0 obj <> endobj 2031 0 obj <> endobj 2032 0 obj <> endobj 2033 0 obj <> endobj 2034 0 obj <> endobj 2035 0 obj <> endobj 2036 0 obj <> endobj 2037 0 obj <> endobj 2038 0 obj <> endobj 2039 0 obj <> endobj 2040 0 obj <> endobj 2041 0 obj <> endobj 2042 0 obj <> endobj 2043 0 obj <> endobj 2044 0 obj <> endobj 2045 0 obj <> endobj 2046 0 obj <> endobj 2047 0 obj <> endobj 2048 0 obj <> endobj 2049 0 obj <> endobj 2050 0 obj <> endobj 2051 0 obj <> endobj 2052 0 obj <> endobj 2053 0 obj <> endobj 2054 0 obj <> endobj 2055 0 obj <> endobj 2056 0 obj <> endobj 2057 0 obj <> endobj 2058 0 obj <> endobj 2059 0 obj <> endobj 2060 0 obj <> endobj 2061 0 obj <> endobj 2062 0 obj <> endobj 2063 0 obj <> endobj 2064 0 obj <> endobj 2065 0 obj <> endobj 2066 0 obj <> endobj 2067 0 obj <> endobj 2068 0 obj <> endobj 2069 0 obj <> endobj 2070 0 obj <> endobj 2071 0 obj <> endobj 2072 0 obj <> endobj 2073 0 obj <> endobj 2074 0 obj <> endobj 2075 0 obj <> endobj 2076 0 obj <> endobj 2077 0 obj <> endobj 2078 0 obj <> endobj 2079 0 obj <> endobj 2080 0 obj <> endobj 2081 0 obj <> endobj 2082 0 obj <> endobj 2083 0 obj <> endobj 2084 0 obj <> endobj 2085 0 obj <> endobj 2086 0 obj <> endobj 2087 0 obj <> endobj 2088 0 obj <> endobj 2089 0 obj <> endobj 2090 0 obj <> endobj 2091 0 obj <> endobj 2092 0 obj <> endobj 2093 0 obj <> endobj 2094 0 obj <> endobj 2095 0 obj <> endobj 2096 0 obj <> endobj 2097 0 obj <> endobj 2098 0 obj <> endobj 2099 0 obj <> endobj 2100 0 obj <> endobj 2101 0 obj <> endobj 2102 0 obj <> endobj 2103 0 obj <> endobj 2104 0 obj <> endobj 2105 0 obj <> endobj 2106 0 obj <> endobj 2107 0 obj <> endobj 2108 0 obj <> endobj 2109 0 obj <> endobj 2110 0 obj <> endobj 2111 0 obj <> endobj 2112 0 obj <> endobj 2113 0 obj <> endobj 2114 0 obj <> endobj 2115 0 obj <> endobj 2116 0 obj <> endobj 2117 0 obj <> endobj 2118 0 obj <> endobj 2119 0 obj <> endobj 2120 0 obj <> endobj 2121 0 obj <>18]/P 2116 0 R/Pg 203 0 R/S/Link>> endobj 2122 0 obj [null 1268 0 R 1268 0 R 1269 0 R 1270 0 R 1325 0 R 1270 0 R 1271 0 R 1013 0 R 1271 0 R 1273 0 R 1273 0 R 1274 0 R 1319 0 R 1320 0 R 1275 0 R 1276 0 R] endobj 2123 0 obj <>8]/P 2594 0 R/Pg 413 0 R/S/Link>> endobj 2124 0 obj [1277 0 R 1278 0 R 1278 0 R 1279 0 R 1280 0 R 1315 0 R 1281 0 R 1282 0 R 1014 0 R 1282 0 R 1283 0 R 1015 0 R 1283 0 R 1016 0 R 1283 0 R 1305 0 R 1306 0 R 1284 0 R 1302 0 R 1285 0 R 1303 0 R 1285 0 R 1300 0 R 1287 0 R 1288 0 R 1296 0 R 1289 0 R 1290 0 R] endobj 2125 0 obj <>8]/P 2577 0 R/Pg 422 0 R/S/Link>> endobj 2126 0 obj <>11]/P 2575 0 R/Pg 422 0 R/S/Link>> endobj 2127 0 obj <>13]/P 2576 0 R/Pg 422 0 R/S/Link>> endobj 2128 0 obj [null 1291 0 R 1292 0 R 1294 0 R 1292 0 R 1293 0 R 1098 0 R 1098 0 R 1099 0 R 1100 0 R 1101 0 R 1218 0 R 1101 0 R 1017 0 R 1101 0 R 1220 0 R 1101 0 R 1102 0 R 1103 0 R 1216 0 R 1104 0 R 1105 0 R] endobj 2129 0 obj <>13]/P 2550 0 R/Pg 442 0 R/S/Link>> endobj 2130 0 obj [1106 0 R 1107 0 R 1107 0 R 1108 0 R 1109 0 R 1211 0 R 1109 0 R 1110 0 R] endobj 2131 0 obj [null 1111 0 R 1112 0 R 1207 0 R 1112 0 R 1113 0 R 1114 0 R 1115 0 R 1018 0 R 1115 0 R 1201 0 R 1202 0 R 1116 0 R 1117 0 R] endobj 2132 0 obj <>8]/P 2526 0 R/Pg 471 0 R/S/Link>> endobj 2133 0 obj [1118 0 R 1119 0 R 1119 0 R 1120 0 R 1121 0 R 1197 0 R 1121 0 R 1122 0 R 1123 0 R 1124 0 R 1125 0 R 1126 0 R 1126 0 R 1127 0 R 1128 0 R] endobj 2134 0 obj [null 1129 0 R 1130 0 R 1131 0 R 1193 0 R 1131 0 R 1522 0 R 1522 0 R 1523 0 R 1524 0 R 1019 0 R 1525 0 R 1534 0 R 1535 0 R 1526 0 R 1527 0 R] endobj 2135 0 obj <>10]/P 2496 0 R/Pg 497 0 R/S/Link>> endobj 2136 0 obj [1528 0 R 1529 0 R 1529 0 R 1530 0 R 1531 0 R 1532 0 R 1540 0 R 1540 0 R 1541 0 R 1542 0 R 1607 0 R 1608 0 R 1609 0 R 1610 0 R 1611 0 R 1612 0 R 1613 0 R 1593 0 R 1594 0 R 1595 0 R 1596 0 R 1597 0 R 1598 0 R 1599 0 R 1579 0 R 1580 0 R 1581 0 R 1582 0 R 1583 0 R 1584 0 R 1585 0 R 1565 0 R 1566 0 R 1567 0 R 1568 0 R 1569 0 R 1570 0 R 1571 0 R 1558 0 R 1544 0 R 1545 0 R 1546 0 R 1556 0 R 1546 0 R 1547 0 R 1548 0 R] endobj 2137 0 obj [null 1549 0 R 1550 0 R 1552 0 R 1550 0 R 1020 0 R 1550 0 R 1551 0 R 1621 0 R 1621 0 R 1622 0 R 1623 0 R 1624 0 R 1625 0 R 1627 0 R 1625 0 R 1628 0 R 1625 0 R 1626 0 R 1632 0 R 1632 0 R 1633 0 R 1654 0 R 1655 0 R 1634 0 R 1635 0 R] endobj 2138 0 obj <>5]/P 2429 0 R/Pg 514 0 R/S/Link>> endobj 2139 0 obj [1636 0 R 1637 0 R 1637 0 R 1638 0 R 1649 0 R 1650 0 R 1639 0 R 1640 0 R 1640 0 R 1647 0 R 1640 0 R 1641 0 R 1644 0 R 1641 0 R 1021 0 R 1642 0 R 1643 0 R 1658 0 R 1658 0 R 1659 0 R 1660 0 R 1660 0 R 1661 0 R 1669 0 R 1670 0 R 1662 0 R 1663 0 R] endobj 2140 0 obj <>14]/P 2398 0 R/Pg 521 0 R/S/Link>> endobj 2141 0 obj [null 1664 0 R 1022 0 R 1665 0 R 1673 0 R 1673 0 R 1674 0 R 1675 0 R 1676 0 R 1676 0 R 1683 0 R 1684 0 R 1676 0 R 1685 0 R 1686 0 R 1676 0 R 1677 0 R 1678 0 R 1679 0 R 1680 0 R 1678 0 R 1691 0 R 1691 0 R 1692 0 R 1693 0 R 1701 0 R 1702 0 R 1694 0 R 1695 0 R] endobj 2142 0 obj <>2]/P 2376 0 R/Pg 528 0 R/S/Link>> endobj 2143 0 obj [1696 0 R 1697 0 R 1697 0 R 1698 0 R 1699 0 R 1705 0 R 1705 0 R 1706 0 R 1707 0 R 1809 0 R 1707 0 R 1708 0 R 1808 0 R 1708 0 R 1709 0 R 1709 0 R 1710 0 R 1806 0 R 1710 0 R 1807 0 R 1710 0 R 1711 0 R 1805 0 R 1711 0 R 1803 0 R 1713 0 R] endobj 2144 0 obj [null 1804 0 R 1714 0 R 1715 0 R 1800 0 R 1715 0 R 1801 0 R 1715 0 R 1716 0 R 1799 0 R 1716 0 R 1717 0 R] endobj 2145 0 obj [1718 0 R 1719 0 R 1719 0 R 1720 0 R 1721 0 R 1721 0 R 1797 0 R 1721 0 R 1722 0 R 1722 0 R 1723 0 R 1723 0 R 1724 0 R 1724 0 R 1725 0 R 1725 0 R 1726 0 R 1726 0 R 1727 0 R 1727 0 R 1728 0 R 1729 0 R 1730 0 R 1730 0 R 1731 0 R 1731 0 R 1732 0 R 1733 0 R 1733 0 R 1794 0 R 1733 0 R 1734 0 R 1793 0 R 1734 0 R 1735 0 R 1735 0 R 1736 0 R 1736 0 R 1737 0 R 1737 0 R 1738 0 R 1738 0 R 1739 0 R 1739 0 R 1740 0 R 1740 0 R 1741 0 R 1741 0 R 1742 0 R 1742 0 R 1791 0 R 1742 0 R 1024 0 R 1024 0 R 1023 0 R 1743 0 R] endobj 2146 0 obj <>54]/P 2171 0 R/Pg 543 0 R/S/Link>> endobj 2147 0 obj [null 1744 0 R 1745 0 R 1745 0 R 1746 0 R 1746 0 R 1747 0 R 1747 0 R 1748 0 R 1748 0 R 1749 0 R 1749 0 R 1788 0 R 1749 0 R 1750 0 R 1750 0 R 1751 0 R 1751 0 R 1752 0 R 1752 0 R 1753 0 R 1754 0 R 1755 0 R 1756 0 R 1756 0 R 1784 0 R 1756 0 R 1757 0 R 1757 0 R 1758 0 R 1758 0 R 1759 0 R 1759 0 R 1760 0 R 1760 0 R 1761 0 R 1761 0 R 1762 0 R 1762 0 R 1763 0 R 1763 0 R 1764 0 R 1764 0 R 1765 0 R] endobj 2148 0 obj [1766 0 R 1767 0 R 1767 0 R 1768 0 R 1769 0 R 1769 0 R 1770 0 R 1770 0 R 1771 0 R 1771 0 R 1772 0 R 1772 0 R 1773 0 R 1773 0 R 1774 0 R 1774 0 R 1775 0 R 1775 0 R 1776 0 R 1776 0 R 1782 0 R 1776 0 R 1777 0 R 1777 0 R 1778 0 R 1778 0 R 1781 0 R 1778 0 R 1779 0 R] endobj 2149 0 obj <>19]/P 2170 0 R/Pg 178 0 R/S/Link>> endobj 2150 0 obj <>32]/P 2160 0 R/Pg 178 0 R/S/Link>> endobj 2151 0 obj <>6]/P 2157 0 R/Pg 203 0 R/S/Link>> endobj 2152 0 obj <>9]/P 2153 0 R/Pg 203 0 R/S/Link>> endobj 2153 0 obj <> endobj 2154 0 obj <> endobj 2155 0 obj <> endobj 2156 0 obj <> endobj 2157 0 obj <> endobj 2158 0 obj <> endobj 2159 0 obj <> endobj 2160 0 obj <> endobj 2161 0 obj <> endobj 2162 0 obj <> endobj 2163 0 obj <> endobj 2164 0 obj <> endobj 2165 0 obj <> endobj 2166 0 obj <> endobj 2167 0 obj <> endobj 2168 0 obj <> endobj 2169 0 obj <> endobj 2170 0 obj <> endobj 2171 0 obj <> endobj 2172 0 obj <> endobj 2173 0 obj <> endobj 2174 0 obj <> endobj 2175 0 obj <> endobj 2176 0 obj <> endobj 2177 0 obj <> endobj 2178 0 obj <> endobj 2179 0 obj <> endobj 2180 0 obj <> endobj 2181 0 obj <> endobj 2182 0 obj <> endobj 2183 0 obj <> endobj 2184 0 obj <> endobj 2185 0 obj <> endobj 2186 0 obj <> endobj 2187 0 obj <> endobj 2188 0 obj <> endobj 2189 0 obj <> endobj 2190 0 obj <> endobj 2191 0 obj <> endobj 2192 0 obj <> endobj 2193 0 obj <> endobj 2194 0 obj <> endobj 2195 0 obj <> endobj 2196 0 obj <> endobj 2197 0 obj <> endobj 2198 0 obj <> endobj 2199 0 obj <> endobj 2200 0 obj <> endobj 2201 0 obj <> endobj 2202 0 obj <> endobj 2203 0 obj <> endobj 2204 0 obj <> endobj 2205 0 obj <> endobj 2206 0 obj <> endobj 2207 0 obj <> endobj 2208 0 obj <> endobj 2209 0 obj <> endobj 2210 0 obj <> endobj 2211 0 obj <> endobj 2212 0 obj <> endobj 2213 0 obj <> endobj 2214 0 obj <> endobj 2215 0 obj <> endobj 2216 0 obj <> endobj 2217 0 obj <> endobj 2218 0 obj <> endobj 2219 0 obj <> endobj 2220 0 obj <> endobj 2221 0 obj <> endobj 2222 0 obj <> endobj 2223 0 obj <> endobj 2224 0 obj <> endobj 2225 0 obj <> endobj 2226 0 obj <> endobj 2227 0 obj <> endobj 2228 0 obj <> endobj 2229 0 obj <> endobj 2230 0 obj <> endobj 2231 0 obj <> endobj 2232 0 obj <> endobj 2233 0 obj <> endobj 2234 0 obj <> endobj 2235 0 obj <> endobj 2236 0 obj <> endobj 2237 0 obj <> endobj 2238 0 obj <> endobj 2239 0 obj <> endobj 2240 0 obj <> endobj 2241 0 obj <> endobj 2242 0 obj <> endobj 2243 0 obj <> endobj 2244 0 obj <> endobj 2245 0 obj <> endobj 2246 0 obj <> endobj 2247 0 obj <> endobj 2248 0 obj <> endobj 2249 0 obj <> endobj 2250 0 obj <> endobj 2251 0 obj <> endobj 2252 0 obj <> endobj 2253 0 obj <> endobj 2254 0 obj <> endobj 2255 0 obj <

> endobj 2256 0 obj <> endobj 2257 0 obj <> endobj 2258 0 obj <> endobj 2259 0 obj <> endobj 2260 0 obj <> endobj 2261 0 obj <> endobj 2262 0 obj <> endobj 2263 0 obj <> endobj 2264 0 obj <> endobj 2265 0 obj <> endobj 2266 0 obj <> endobj 2267 0 obj <> endobj 2268 0 obj <> endobj 2269 0 obj <> endobj 2270 0 obj <> endobj 2271 0 obj <> endobj 2272 0 obj <> endobj 2273 0 obj <> endobj 2274 0 obj <> endobj 2275 0 obj <> endobj 2276 0 obj <> endobj 2277 0 obj <> endobj 2278 0 obj <> endobj 2279 0 obj <> endobj 2280 0 obj <> endobj 2281 0 obj <> endobj 2282 0 obj <> endobj 2283 0 obj <> endobj 2284 0 obj <> endobj 2285 0 obj <> endobj 2286 0 obj <> endobj 2287 0 obj <> endobj 2288 0 obj <> endobj 2289 0 obj <> endobj 2290 0 obj <> endobj 2291 0 obj <> endobj 2292 0 obj <> endobj 2293 0 obj <> endobj 2294 0 obj <> endobj 2295 0 obj <> endobj 2296 0 obj <> endobj 2297 0 obj <> endobj 2298 0 obj <> endobj 2299 0 obj <> endobj 2300 0 obj <> endobj 2301 0 obj <> endobj 2302 0 obj <> endobj 2303 0 obj <> endobj 2304 0 obj <> endobj 2305 0 obj <> endobj 2306 0 obj <> endobj 2307 0 obj <> endobj 2308 0 obj <> endobj 2309 0 obj <> endobj 2310 0 obj <> endobj 2311 0 obj <> endobj 2312 0 obj <> endobj 2313 0 obj <> endobj 2314 0 obj <

> endobj 2315 0 obj <> endobj 2316 0 obj <> endobj 2317 0 obj <> endobj 2318 0 obj <> endobj 2319 0 obj <> endobj 2320 0 obj <> endobj 2321 0 obj <> endobj 2322 0 obj <> endobj 2323 0 obj <> endobj 2324 0 obj <> endobj 2325 0 obj <> endobj 2326 0 obj <> endobj 2327 0 obj <> endobj 2328 0 obj <> endobj 2329 0 obj <> endobj 2330 0 obj <> endobj 2331 0 obj <> endobj 2332 0 obj <> endobj 2333 0 obj <> endobj 2334 0 obj <> endobj 2335 0 obj <> endobj 2336 0 obj <> endobj 2337 0 obj <> endobj 2338 0 obj <> endobj 2339 0 obj <> endobj 2340 0 obj <> endobj 2341 0 obj <> endobj 2342 0 obj <> endobj 2343 0 obj <> endobj 2344 0 obj <> endobj 2345 0 obj <> endobj 2346 0 obj <> endobj 2347 0 obj <> endobj 2348 0 obj <

> endobj 2349 0 obj <> endobj 2350 0 obj <> endobj 2351 0 obj <> endobj 2352 0 obj <> endobj 2353 0 obj <> endobj 2354 0 obj <> endobj 2355 0 obj <> endobj 2356 0 obj <> endobj 2357 0 obj <> endobj 2358 0 obj <> endobj 2359 0 obj <> endobj 2360 0 obj <> endobj 2361 0 obj <> endobj 2362 0 obj <> endobj 2363 0 obj <> endobj 2364 0 obj <> endobj 2365 0 obj <> endobj 2366 0 obj <> endobj 2367 0 obj <> endobj 2368 0 obj <> endobj 2369 0 obj <> endobj 2370 0 obj <> endobj 2371 0 obj <> endobj 2372 0 obj <> endobj 2373 0 obj <> endobj 2374 0 obj <> endobj 2375 0 obj <> endobj 2376 0 obj <> endobj 2377 0 obj <> endobj 2378 0 obj <> endobj 2379 0 obj <> endobj 2380 0 obj <> endobj 2381 0 obj <> endobj 2382 0 obj <> endobj 2383 0 obj <> endobj 2384 0 obj <> endobj 2385 0 obj <> endobj 2386 0 obj <> endobj 2387 0 obj <> endobj 2388 0 obj <> endobj 2389 0 obj <> endobj 2390 0 obj <> endobj 2391 0 obj <> endobj 2392 0 obj <> endobj 2393 0 obj <> endobj 2394 0 obj <> endobj 2395 0 obj <> endobj 2396 0 obj <> endobj 2397 0 obj <> endobj 2398 0 obj <> endobj 2399 0 obj <> endobj 2400 0 obj <> endobj 2401 0 obj <> endobj 2402 0 obj <> endobj 2403 0 obj <> endobj 2404 0 obj <> endobj 2405 0 obj <> endobj 2406 0 obj <

> endobj 2407 0 obj <> endobj 2408 0 obj <> endobj 2409 0 obj <> endobj 2410 0 obj <> endobj 2411 0 obj <> endobj 2412 0 obj <> endobj 2413 0 obj <> endobj 2414 0 obj <> endobj 2415 0 obj <> endobj 2416 0 obj <> endobj 2417 0 obj <> endobj 2418 0 obj <> endobj 2419 0 obj <> endobj 2420 0 obj <> endobj 2421 0 obj <> endobj 2422 0 obj <> endobj 2423 0 obj <> endobj 2424 0 obj <> endobj 2425 0 obj <> endobj 2426 0 obj <> endobj 2427 0 obj <> endobj 2428 0 obj <> endobj 2429 0 obj <> endobj 2430 0 obj <> endobj 2431 0 obj <> endobj 2432 0 obj <> endobj 2433 0 obj <> endobj 2434 0 obj <> endobj 2435 0 obj <> endobj 2436 0 obj <> endobj 2437 0 obj <> endobj 2438 0 obj <> endobj 2439 0 obj <> endobj 2440 0 obj <> endobj 2441 0 obj <> endobj 2442 0 obj <> endobj 2443 0 obj <> endobj 2444 0 obj <> endobj 2445 0 obj <> endobj 2446 0 obj <> endobj 2447 0 obj <> endobj 2448 0 obj <> endobj 2449 0 obj <> endobj 2450 0 obj <> endobj 2451 0 obj <> endobj 2452 0 obj <> endobj 2453 0 obj <> endobj 2454 0 obj <> endobj 2455 0 obj <> endobj 2456 0 obj <> endobj 2457 0 obj <> endobj 2458 0 obj <> endobj 2459 0 obj <> endobj 2460 0 obj <> endobj 2461 0 obj <> endobj 2462 0 obj <> endobj 2463 0 obj <> endobj 2464 0 obj <> endobj 2465 0 obj <> endobj 2466 0 obj <> endobj 2467 0 obj <> endobj 2468 0 obj <> endobj 2469 0 obj <> endobj 2470 0 obj <> endobj 2471 0 obj <> endobj 2472 0 obj <> endobj 2473 0 obj <> endobj 2474 0 obj <> endobj 2475 0 obj <> endobj 2476 0 obj <> endobj 2477 0 obj <> endobj 2478 0 obj <> endobj 2479 0 obj <> endobj 2480 0 obj <> endobj 2481 0 obj <> endobj 2482 0 obj <> endobj 2483 0 obj <> endobj 2484 0 obj <

> endobj 2485 0 obj <> endobj 2486 0 obj <> endobj 2487 0 obj <> endobj 2488 0 obj <> endobj 2489 0 obj <> endobj 2490 0 obj <> endobj 2491 0 obj <> endobj 2492 0 obj <> endobj 2493 0 obj <> endobj 2494 0 obj <> endobj 2495 0 obj <> endobj 2496 0 obj <> endobj 2497 0 obj <> endobj 2498 0 obj <> endobj 2499 0 obj <> endobj 2500 0 obj <> endobj 2501 0 obj <> endobj 2502 0 obj <> endobj 2503 0 obj <> endobj 2504 0 obj <> endobj 2505 0 obj <> endobj 2506 0 obj <> endobj 2507 0 obj <> endobj 2508 0 obj <> endobj 2509 0 obj <> endobj 2510 0 obj <> endobj 2511 0 obj <> endobj 2512 0 obj <> endobj 2513 0 obj <> endobj 2514 0 obj <> endobj 2515 0 obj <> endobj 2516 0 obj <

> endobj 2517 0 obj <> endobj 2518 0 obj <> endobj 2519 0 obj <> endobj 2520 0 obj <> endobj 2521 0 obj <> endobj 2522 0 obj <> endobj 2523 0 obj <> endobj 2524 0 obj <> endobj 2525 0 obj <> endobj 2526 0 obj <> endobj 2527 0 obj <> endobj 2528 0 obj <> endobj 2529 0 obj <> endobj 2530 0 obj <> endobj 2531 0 obj <> endobj 2532 0 obj <> endobj 2533 0 obj <> endobj 2534 0 obj <> endobj 2535 0 obj <> endobj 2536 0 obj <

> endobj 2537 0 obj <> endobj 2538 0 obj <> endobj 2539 0 obj <> endobj 2540 0 obj <> endobj 2541 0 obj <> endobj 2542 0 obj <> endobj 2543 0 obj <> endobj 2544 0 obj <> endobj 2545 0 obj <> endobj 2546 0 obj <> endobj 2547 0 obj <> endobj 2548 0 obj <> endobj 2549 0 obj <> endobj 2550 0 obj <> endobj 2551 0 obj <> endobj 2552 0 obj <> endobj 2553 0 obj <> endobj 2554 0 obj <> endobj 2555 0 obj <> endobj 2556 0 obj <> endobj 2557 0 obj <> endobj 2558 0 obj <> endobj 2559 0 obj <> endobj 2560 0 obj <> endobj 2561 0 obj <> endobj 2562 0 obj <> endobj 2563 0 obj <> endobj 2564 0 obj <> endobj 2565 0 obj <> endobj 2566 0 obj <> endobj 2567 0 obj <> endobj 2568 0 obj <> endobj 2569 0 obj <> endobj 2570 0 obj <> endobj 2571 0 obj <> endobj 2572 0 obj <> endobj 2573 0 obj <> endobj 2574 0 obj <> endobj 2575 0 obj <> endobj 2576 0 obj <> endobj 2577 0 obj <> endobj 2578 0 obj <> endobj 2579 0 obj <> endobj 2580 0 obj <> endobj 2581 0 obj <

> endobj 2582 0 obj <> endobj 2583 0 obj <> endobj 2584 0 obj <> endobj 2585 0 obj <> endobj 2586 0 obj <> endobj 2587 0 obj <> endobj 2588 0 obj <> endobj 2589 0 obj <> endobj 2590 0 obj <> endobj 2591 0 obj <> endobj 2592 0 obj <> endobj 2593 0 obj <> endobj 2594 0 obj <> endobj 2595 0 obj <> endobj 2596 0 obj <> endobj 2597 0 obj <> endobj 2598 0 obj <> endobj 2599 0 obj <> endobj 2600 0 obj <> endobj 2601 0 obj <> endobj 2602 0 obj <> endobj 2603 0 obj <> endobj 2604 0 obj <> endobj 2605 0 obj <> endobj 2606 0 obj <> endobj 2607 0 obj <> endobj 2608 0 obj <> endobj 2609 0 obj <> endobj 2610 0 obj <> endobj 2611 0 obj <

> endobj 2612 0 obj <> endobj 2613 0 obj <> endobj 2614 0 obj <> endobj 2615 0 obj <> endobj 2616 0 obj <> endobj 2617 0 obj <> endobj 2618 0 obj <> endobj 2619 0 obj <> endobj 2620 0 obj <> endobj 2621 0 obj <> endobj 2622 0 obj <> endobj 2623 0 obj <>7]/P 2622 0 R/Pg 388 0 R/S/Link>> endobj 2624 0 obj <> endobj 2625 0 obj <> endobj 2626 0 obj <> endobj 2627 0 obj <> endobj 2628 0 obj <> endobj 2629 0 obj <> endobj 2630 0 obj <> endobj 2631 0 obj <> endobj 2632 0 obj <> endobj 2633 0 obj <> endobj 2634 0 obj <> endobj 2635 0 obj <> endobj 2636 0 obj <> endobj 2637 0 obj <> endobj 2638 0 obj <> endobj 2639 0 obj <> endobj 2640 0 obj <>8]/P 2639 0 R/Pg 375 0 R/S/Link>> endobj 2641 0 obj <> endobj 2642 0 obj <> endobj 2643 0 obj <> endobj 2644 0 obj <

> endobj 2645 0 obj <> endobj 2646 0 obj <> endobj 2647 0 obj <> endobj 2648 0 obj <> endobj 2649 0 obj <> endobj 2650 0 obj <> endobj 2651 0 obj <> endobj 2652 0 obj <> endobj 2653 0 obj <> endobj 2654 0 obj <> endobj 2655 0 obj <> endobj 2656 0 obj <> endobj 2657 0 obj <> endobj 2658 0 obj <> endobj 2659 0 obj <> endobj 2660 0 obj <>16]/P 2659 0 R/Pg 368 0 R/S/Link>> endobj 2661 0 obj <>7]/P 2649 0 R/Pg 368 0 R/S/Link>> endobj 2662 0 obj <> endobj 2663 0 obj <> endobj 2664 0 obj <> endobj 2665 0 obj <> endobj 2666 0 obj <>2]/P 2665 0 R/Pg 368 0 R/S/Link>> endobj 2667 0 obj <> endobj 2668 0 obj <> endobj 2669 0 obj <> endobj 2670 0 obj <> endobj 2671 0 obj <> endobj 2672 0 obj <> endobj 2673 0 obj <> endobj 2674 0 obj <> endobj 2675 0 obj <> endobj 2676 0 obj <> endobj 2677 0 obj <> endobj 2678 0 obj <> endobj 2679 0 obj <> endobj 2680 0 obj <> endobj 2681 0 obj <> endobj 2682 0 obj <> endobj 2683 0 obj <> endobj 2684 0 obj <> endobj 2685 0 obj <> endobj 2686 0 obj <> endobj 2687 0 obj <> endobj 2688 0 obj <> endobj 2689 0 obj <> endobj 2690 0 obj <> endobj 2691 0 obj <>15]/P 2687 0 R/Pg 359 0 R/S/Link>> endobj 2692 0 obj <> endobj 2693 0 obj <> endobj 2694 0 obj <> endobj 2695 0 obj <> endobj 2696 0 obj <> endobj 2697 0 obj <> endobj 2698 0 obj <

> endobj 2699 0 obj <> endobj 2700 0 obj <> endobj 2701 0 obj <> endobj 2702 0 obj <> endobj 2703 0 obj <> endobj 2704 0 obj <> endobj 2705 0 obj <> endobj 2706 0 obj <> endobj 2707 0 obj <> endobj 2708 0 obj <> endobj 2709 0 obj <> endobj 2710 0 obj <> endobj 2711 0 obj <> endobj 2712 0 obj <> endobj 2713 0 obj <> endobj 2714 0 obj <> endobj 2715 0 obj <> endobj 2716 0 obj <> endobj 2717 0 obj <>8]/P 2716 0 R/Pg 351 0 R/S/Link>> endobj 2718 0 obj <> endobj 2719 0 obj <>5]/P 2718 0 R/Pg 351 0 R/S/Link>> endobj 2720 0 obj <> endobj 2721 0 obj <> endobj 2722 0 obj <> endobj 2723 0 obj <> endobj 2724 0 obj <> endobj 2725 0 obj <> endobj 2726 0 obj <> endobj 2727 0 obj <> endobj 2728 0 obj <> endobj 2729 0 obj <> endobj 2730 0 obj <> endobj 2731 0 obj <> endobj 2732 0 obj <> endobj 2733 0 obj <> endobj 2734 0 obj <> endobj 2735 0 obj <>16]/P 2734 0 R/Pg 344 0 R/S/Link>> endobj 2736 0 obj <> endobj 2737 0 obj <> endobj 2738 0 obj <> endobj 2739 0 obj <> endobj 2740 0 obj <> endobj 2741 0 obj <> endobj 2742 0 obj <> endobj 2743 0 obj <> endobj 2744 0 obj <

> endobj 2745 0 obj <> endobj 2746 0 obj <> endobj 2747 0 obj <> endobj 2748 0 obj <> endobj 2749 0 obj <> endobj 2750 0 obj <> endobj 2751 0 obj <> endobj 2752 0 obj <> endobj 2753 0 obj <> endobj 2754 0 obj <> endobj 2755 0 obj <> endobj 2756 0 obj <> endobj 2757 0 obj <> endobj 2758 0 obj <> endobj 2759 0 obj <> endobj 2760 0 obj <> endobj 2761 0 obj <> endobj 2762 0 obj <> endobj 2763 0 obj <> endobj 2764 0 obj <> endobj 2765 0 obj <> endobj 2766 0 obj <> endobj 2767 0 obj <> endobj 2768 0 obj <> endobj 2769 0 obj <> endobj 2770 0 obj <> endobj 2771 0 obj <>5]/P 2770 0 R/Pg 336 0 R/S/Link>> endobj 2772 0 obj <> endobj 2773 0 obj <> endobj 2774 0 obj <> endobj 2775 0 obj <> endobj 2776 0 obj <> endobj 2777 0 obj <> endobj 2778 0 obj <> endobj 2779 0 obj <> endobj 2780 0 obj <> endobj 2781 0 obj <> endobj 2782 0 obj <> endobj 2783 0 obj <> endobj 2784 0 obj <> endobj 2785 0 obj <> endobj 2786 0 obj <> endobj 2787 0 obj <> endobj 2788 0 obj <> endobj 2789 0 obj <> endobj 2790 0 obj <> endobj 2791 0 obj <> endobj 2792 0 obj <> endobj 2793 0 obj <> endobj 2794 0 obj <> endobj 2795 0 obj <> endobj 2796 0 obj <> endobj 2797 0 obj <> endobj 2798 0 obj <> endobj 2799 0 obj <>42]/P 2798 0 R/Pg 327 0 R/S/Link>> endobj 2800 0 obj <> endobj 2801 0 obj <> endobj 2802 0 obj <> endobj 2803 0 obj <> endobj 2804 0 obj <> endobj 2805 0 obj <> endobj 2806 0 obj <> endobj 2807 0 obj <> endobj 2808 0 obj <>22]/P 2806 0 R/Pg 327 0 R/S/Link>> endobj 2809 0 obj <> endobj 2810 0 obj <> endobj 2811 0 obj <> endobj 2812 0 obj <> endobj 2813 0 obj <> endobj 2814 0 obj <> endobj 2815 0 obj <> endobj 2816 0 obj <> endobj 2817 0 obj <> endobj 2818 0 obj <> endobj 2819 0 obj <> endobj 2820 0 obj <> endobj 2821 0 obj <>4]/P 2820 0 R/Pg 327 0 R/S/Link>> endobj 2822 0 obj <> endobj 2823 0 obj <> endobj 2824 0 obj <

> endobj 2825 0 obj <> endobj 2826 0 obj <> endobj 2827 0 obj <> endobj 2828 0 obj <> endobj 2829 0 obj <> endobj 2830 0 obj <> endobj 2831 0 obj <> endobj 2832 0 obj <> endobj 2833 0 obj <> endobj 2834 0 obj <> endobj 2835 0 obj <> endobj 2836 0 obj <> endobj 2837 0 obj <> endobj 2838 0 obj <> endobj 2839 0 obj <> endobj 2840 0 obj <> endobj 2841 0 obj <> endobj 2842 0 obj <> endobj 2843 0 obj <> endobj 2844 0 obj <> endobj 2845 0 obj <> endobj 2846 0 obj <> endobj 2847 0 obj <> endobj 2848 0 obj <> endobj 2849 0 obj <> endobj 2850 0 obj <> endobj 2851 0 obj <> endobj 2852 0 obj <> endobj 2853 0 obj <> endobj 2854 0 obj <> endobj 2855 0 obj <> endobj 2856 0 obj <> endobj 2857 0 obj <> endobj 2858 0 obj <> endobj 2859 0 obj <> endobj 2860 0 obj <> endobj 2861 0 obj <> endobj 2862 0 obj <> endobj 2863 0 obj <> endobj 2864 0 obj <> endobj 2865 0 obj <> endobj 2866 0 obj <> endobj 2867 0 obj <> endobj 2868 0 obj <> endobj 2869 0 obj <> endobj 2870 0 obj <> endobj 2871 0 obj <> endobj 2872 0 obj <> endobj 2873 0 obj <> endobj 2874 0 obj <> endobj 2875 0 obj <> endobj 2876 0 obj <> endobj 2877 0 obj <> endobj 2878 0 obj <> endobj 2879 0 obj <> endobj 2880 0 obj <> endobj 2881 0 obj <> endobj 2882 0 obj <> endobj 2883 0 obj <> endobj 2884 0 obj <> endobj 2885 0 obj <> endobj 2886 0 obj <> endobj 2887 0 obj <> endobj 2888 0 obj <> endobj 2889 0 obj <> endobj 2890 0 obj <> endobj 2891 0 obj <> endobj 2892 0 obj <> endobj 2893 0 obj <> endobj 2894 0 obj <> endobj 2895 0 obj <> endobj 2896 0 obj <> endobj 2897 0 obj <> endobj 2898 0 obj <> endobj 2899 0 obj <

> endobj 2900 0 obj <> endobj 2901 0 obj <> endobj 2902 0 obj <> endobj 2903 0 obj <> endobj 2904 0 obj <> endobj 2905 0 obj <> endobj 2906 0 obj <> endobj 2907 0 obj <> endobj 2908 0 obj <> endobj 2909 0 obj <> endobj 2910 0 obj <> endobj 2911 0 obj <> endobj 2912 0 obj <> endobj 2913 0 obj <> endobj 2914 0 obj <> endobj 2915 0 obj <> endobj 2916 0 obj <> endobj 2917 0 obj <> endobj 2918 0 obj <>7]/P 2916 0 R/Pg 308 0 R/S/Link>> endobj 2919 0 obj <> endobj 2920 0 obj <> endobj 2921 0 obj <> endobj 2922 0 obj <> endobj 2923 0 obj <> endobj 2924 0 obj <> endobj 2925 0 obj <> endobj 2926 0 obj <> endobj 2927 0 obj <> endobj 2928 0 obj <> endobj 2929 0 obj <> endobj 2930 0 obj <> endobj 2931 0 obj <> endobj 2932 0 obj <> endobj 2933 0 obj <> endobj 2934 0 obj <> endobj 2935 0 obj <> endobj 2936 0 obj <>4]/P 2935 0 R/Pg 302 0 R/S/Link>> endobj 2937 0 obj <> endobj 2938 0 obj <> endobj 2939 0 obj <

> endobj 2940 0 obj <> endobj 2941 0 obj <> endobj 2942 0 obj <> endobj 2943 0 obj <> endobj 2944 0 obj <> endobj 2945 0 obj <> endobj 2946 0 obj <> endobj 2947 0 obj <> endobj 2948 0 obj <> endobj 2949 0 obj <> endobj 2950 0 obj <> endobj 2951 0 obj <> endobj 2952 0 obj <> endobj 2953 0 obj <> endobj 2954 0 obj <> endobj 2955 0 obj <> endobj 2956 0 obj <> endobj 2957 0 obj <> endobj 2958 0 obj <> endobj 2959 0 obj <> endobj 2960 0 obj <> endobj 2961 0 obj <> endobj 2962 0 obj <> endobj 2963 0 obj <> endobj 2964 0 obj <> endobj 2965 0 obj <> endobj 2966 0 obj <> endobj 2967 0 obj <> endobj 2968 0 obj <> endobj 2969 0 obj <> endobj 2970 0 obj <> endobj 2971 0 obj <> endobj 2972 0 obj <> endobj 2973 0 obj <> endobj 2974 0 obj <>17]/P 2973 0 R/Pg 288 0 R/S/Link>> endobj 2975 0 obj <>15]/P 2972 0 R/Pg 288 0 R/S/Link>> endobj 2976 0 obj <> endobj 2977 0 obj <>12]/P 2976 0 R/Pg 288 0 R/S/Link>> endobj 2978 0 obj <> endobj 2979 0 obj <> endobj 2980 0 obj <> endobj 2981 0 obj <> endobj 2982 0 obj <>4]/P 2981 0 R/Pg 288 0 R/S/Link>> endobj 2983 0 obj <> endobj 2984 0 obj <> endobj 2985 0 obj <

> endobj 2986 0 obj <> endobj 2987 0 obj <> endobj 2988 0 obj <> endobj 2989 0 obj <> endobj 2990 0 obj <> endobj 2991 0 obj <> endobj 2992 0 obj <> endobj 2993 0 obj <> endobj 2994 0 obj <> endobj 2995 0 obj <> endobj 2996 0 obj <> endobj 2997 0 obj <> endobj 2998 0 obj <> endobj 2999 0 obj <> endobj 3000 0 obj <>15]/P 2999 0 R/Pg 280 0 R/S/Link>> endobj 3001 0 obj <> endobj 3002 0 obj <> endobj 3003 0 obj <> endobj 3004 0 obj <> endobj 3005 0 obj <> endobj 3006 0 obj <> endobj 3007 0 obj <> endobj 3008 0 obj <> endobj 3009 0 obj <> endobj 3010 0 obj <> endobj 3011 0 obj <> endobj 3012 0 obj <> endobj 3013 0 obj <> endobj 3014 0 obj <> endobj 3015 0 obj <> endobj 3016 0 obj <> endobj 3017 0 obj <> endobj 3018 0 obj <> endobj 3019 0 obj <

> endobj 3020 0 obj <> endobj 3021 0 obj <> endobj 3022 0 obj <> endobj 3023 0 obj <> endobj 3024 0 obj <> endobj 3025 0 obj <> endobj 3026 0 obj <> endobj 3027 0 obj <> endobj 3028 0 obj <> endobj 3029 0 obj <> endobj 3030 0 obj <> endobj 3031 0 obj <> endobj 3032 0 obj <> endobj 3033 0 obj <> endobj 3034 0 obj <> endobj 3035 0 obj <>5]/P 3034 0 R/Pg 269 0 R/S/Link>> endobj 3036 0 obj <> endobj 3037 0 obj <> endobj 3038 0 obj <> endobj 3039 0 obj <> endobj 3040 0 obj <> endobj 3041 0 obj <> endobj 3042 0 obj <> endobj 3043 0 obj <> endobj 3044 0 obj <> endobj 3045 0 obj <> endobj 3046 0 obj <> endobj 3047 0 obj <> endobj 3048 0 obj <> endobj 3049 0 obj <> endobj 3050 0 obj <> endobj 3051 0 obj <> endobj 3052 0 obj <> endobj 3053 0 obj <> endobj 3054 0 obj <> endobj 3055 0 obj <> endobj 3056 0 obj <> endobj 3057 0 obj <> endobj 3058 0 obj <>4]/P 3057 0 R/Pg 260 0 R/S/Link>> endobj 3059 0 obj <> endobj 3060 0 obj <> endobj 3061 0 obj <

> endobj 3062 0 obj <> endobj 3063 0 obj <> endobj 3064 0 obj <> endobj 3065 0 obj <> endobj 3066 0 obj <> endobj 3067 0 obj <> endobj 3068 0 obj <> endobj 3069 0 obj <> endobj 3070 0 obj <> endobj 3071 0 obj <> endobj 3072 0 obj <> endobj 3073 0 obj <> endobj 3074 0 obj <> endobj 3075 0 obj <> endobj 3076 0 obj <> endobj 3077 0 obj <> endobj 3078 0 obj <> endobj 3079 0 obj <> endobj 3080 0 obj <> endobj 3081 0 obj <> endobj 3082 0 obj <> endobj 3083 0 obj <> endobj 3084 0 obj <> endobj 3085 0 obj <> endobj 3086 0 obj <> endobj 3087 0 obj <> endobj 3088 0 obj <> endobj 3089 0 obj <> endobj 3090 0 obj <> endobj 3091 0 obj <> endobj 3092 0 obj <> endobj 3093 0 obj <> endobj 3094 0 obj <> endobj 3095 0 obj <> endobj 3096 0 obj <> endobj 3097 0 obj <> endobj 3098 0 obj <> endobj 3099 0 obj <> endobj 3100 0 obj <> endobj 3101 0 obj <> endobj 3102 0 obj <> endobj 3103 0 obj <> endobj 3104 0 obj <> endobj 3105 0 obj <> endobj 3106 0 obj <> endobj 3107 0 obj <> endobj 3108 0 obj <> endobj 3109 0 obj <> endobj 3110 0 obj <> endobj 3111 0 obj <> endobj 3112 0 obj <> endobj 3113 0 obj <> endobj 3114 0 obj <> endobj 3115 0 obj <> endobj 3116 0 obj <> endobj 3117 0 obj <> endobj 3118 0 obj <> endobj 3119 0 obj <> endobj 3120 0 obj <> endobj 3121 0 obj <> endobj 3122 0 obj <> endobj 3123 0 obj <> endobj 3124 0 obj <> endobj 3125 0 obj <>36]/P 3124 0 R/Pg 237 0 R/S/Link>> endobj 3126 0 obj <> endobj 3127 0 obj <> endobj 3128 0 obj <> endobj 3129 0 obj <> endobj 3130 0 obj <> endobj 3131 0 obj <> endobj 3132 0 obj <> endobj 3133 0 obj <> endobj 3134 0 obj <> endobj 3135 0 obj <> endobj 3136 0 obj <> endobj 3137 0 obj <>10]/P 3134 0 R/Pg 237 0 R/S/Link>> endobj 3138 0 obj <> endobj 3139 0 obj <> endobj 3140 0 obj <> endobj 3141 0 obj <> endobj 3142 0 obj <

> endobj 3143 0 obj <> endobj 3144 0 obj <> endobj 3145 0 obj <> endobj 3146 0 obj <> endobj 3147 0 obj <> endobj 3148 0 obj <> endobj 3149 0 obj <> endobj 3150 0 obj <> endobj 3151 0 obj <> endobj 3152 0 obj <> endobj 3153 0 obj <> endobj 3154 0 obj <> endobj 3155 0 obj <> endobj 3156 0 obj <> endobj 3157 0 obj <>6]/P 3156 0 R/Pg 230 0 R/S/Link>> endobj 3158 0 obj <> endobj 3159 0 obj <> endobj 3160 0 obj <> endobj 3161 0 obj <> endobj 3162 0 obj <> endobj 3163 0 obj <> endobj 3164 0 obj <> endobj 3165 0 obj <> endobj 3166 0 obj <> endobj 3167 0 obj <> endobj 3168 0 obj <> endobj 3169 0 obj <> endobj 3170 0 obj <> endobj 3171 0 obj <> endobj 3172 0 obj <> endobj 3173 0 obj <> endobj 3174 0 obj <> endobj 3175 0 obj <> endobj 3176 0 obj <>14]/P 3175 0 R/Pg 223 0 R/S/Link>> endobj 3177 0 obj <> endobj 3178 0 obj <> endobj 3179 0 obj <> endobj 3180 0 obj <>11]/P 3179 0 R/Pg 223 0 R/S/Link>> endobj 3181 0 obj <> endobj 3182 0 obj <> endobj 3183 0 obj <> endobj 3184 0 obj <

> endobj 3185 0 obj <> endobj 3186 0 obj <> endobj 3187 0 obj <> endobj 3188 0 obj <> endobj 3189 0 obj <> endobj 3190 0 obj <> endobj 3191 0 obj <> endobj 3192 0 obj <> endobj 3193 0 obj <> endobj 3194 0 obj <> endobj 3195 0 obj <> endobj 3196 0 obj <> endobj 3197 0 obj <> endobj 3198 0 obj <> endobj 3199 0 obj <> endobj 3200 0 obj <> endobj 3201 0 obj <> endobj 3202 0 obj <> endobj 3203 0 obj <> endobj 3204 0 obj <> endobj 3205 0 obj <> endobj 3206 0 obj <>18]/P 3205 0 R/Pg 214 0 R/S/Link>> endobj 3207 0 obj <> endobj 3208 0 obj <> endobj 3209 0 obj <> endobj 3210 0 obj <> endobj 3211 0 obj <> endobj 3212 0 obj <> endobj 3213 0 obj <>8]/P 3212 0 R/Pg 214 0 R/S/Link>> endobj 3214 0 obj <>2]/P 3209 0 R/Pg 214 0 R/S/Link>> endobj 3215 0 obj <> endobj 3216 0 obj <> endobj 3217 0 obj <> endobj 3218 0 obj <> endobj 3219 0 obj <> endobj 3220 0 obj <> endobj 3221 0 obj <> endobj 3222 0 obj <> endobj 3223 0 obj <> endobj 3224 0 obj <> endobj 3225 0 obj <> endobj 3226 0 obj <> endobj 3227 0 obj <> endobj 3228 0 obj <> endobj 3229 0 obj <> endobj 3230 0 obj <> endobj 3231 0 obj <> endobj 3232 0 obj <> endobj 3233 0 obj <> endobj 3234 0 obj <> endobj 3235 0 obj <> endobj 3236 0 obj <> endobj 3237 0 obj <> endobj 3238 0 obj <> endobj 3239 0 obj <> endobj 3240 0 obj <>30]/P 3221 0 R/Pg 203 0 R/S/Link>> endobj 3241 0 obj <> endobj 3242 0 obj <> endobj 3243 0 obj <> endobj 3244 0 obj <> endobj 3245 0 obj <> endobj 3246 0 obj <> endobj 3247 0 obj <>24]/P 3246 0 R/Pg 203 0 R/S/Link>> endobj 3248 0 obj <>20]/P 3244 0 R/Pg 203 0 R/S/Link>> endobj 3249 0 obj <>18]/P 3243 0 R/Pg 203 0 R/S/Link>> endobj 3250 0 obj <> endobj 3251 0 obj <> endobj 3252 0 obj <>9]/P 3250 0 R/Pg 203 0 R/S/Link>> endobj 3253 0 obj <> endobj 3254 0 obj <>6]/P 3253 0 R/Pg 203 0 R/S/Link>> endobj 3255 0 obj <> endobj 3256 0 obj <> endobj 3257 0 obj <> endobj 3258 0 obj <> endobj 3259 0 obj <> endobj 3260 0 obj <> endobj 3261 0 obj <> endobj 3262 0 obj <> endobj 3263 0 obj <> endobj 3264 0 obj <> endobj 3265 0 obj <> endobj 3266 0 obj <> endobj 3267 0 obj <> endobj 3268 0 obj <> endobj 3269 0 obj <> endobj 3270 0 obj <>32]/P 3267 0 R/Pg 178 0 R/S/Link>> endobj 3271 0 obj <> endobj 3272 0 obj <> endobj 3273 0 obj <> endobj 3274 0 obj <> endobj 3275 0 obj <> endobj 3276 0 obj <> endobj 3277 0 obj <> endobj 3278 0 obj <> endobj 3279 0 obj <> endobj 3280 0 obj <> endobj 3281 0 obj <> endobj 3282 0 obj <> endobj 3283 0 obj <> endobj 3284 0 obj <>19]/P 3263 0 R/Pg 178 0 R/S/Link>> endobj 3285 0 obj <> endobj 3286 0 obj <> endobj 3287 0 obj <> endobj 3288 0 obj <> endobj 3289 0 obj <> endobj 3290 0 obj <> endobj 3291 0 obj <> endobj 3292 0 obj <> endobj 3293 0 obj <> endobj 3294 0 obj <> endobj 3295 0 obj <> endobj 3296 0 obj <> endobj 3297 0 obj <> endobj 3298 0 obj <> endobj 3299 0 obj <> endobj 3300 0 obj <> endobj 3301 0 obj <> endobj 3302 0 obj <> endobj 3303 0 obj <> endobj 3304 0 obj <> endobj 3305 0 obj <> endobj 3306 0 obj <> endobj 3307 0 obj <> endobj 3308 0 obj <> endobj 3309 0 obj <> endobj 3310 0 obj <> endobj 3311 0 obj <> endobj 3312 0 obj <> endobj 3313 0 obj <> endobj 3314 0 obj <> endobj 3315 0 obj <> endobj 3316 0 obj <> endobj 3317 0 obj <> endobj 3318 0 obj <> endobj 3319 0 obj <> endobj 3320 0 obj <> endobj 3321 0 obj <> endobj 3322 0 obj <> endobj 3323 0 obj <> endobj 3324 0 obj <> endobj 3325 0 obj <> endobj 3326 0 obj <> endobj 3327 0 obj <> endobj 3328 0 obj <> endobj 3329 0 obj <> endobj 3330 0 obj <> endobj 3331 0 obj <> endobj 3332 0 obj <> endobj 3333 0 obj <> endobj 3334 0 obj <> endobj 3335 0 obj <> endobj 3336 0 obj <> endobj 3337 0 obj <> endobj 3338 0 obj <> endobj 3339 0 obj <> endobj 3340 0 obj <> endobj 3341 0 obj <> endobj 3342 0 obj <> endobj 3343 0 obj <> endobj 3344 0 obj <> endobj 3345 0 obj <> endobj 3346 0 obj <> endobj 3347 0 obj <> endobj 3348 0 obj <> endobj 3349 0 obj <> endobj 3350 0 obj <> endobj 3351 0 obj <> endobj 3352 0 obj <> endobj 3353 0 obj <> endobj 3354 0 obj <> endobj 3355 0 obj <> endobj 3356 0 obj <> endobj 3357 0 obj <> endobj 3358 0 obj <> endobj 3359 0 obj <> endobj 3360 0 obj <> endobj 3361 0 obj <> endobj 3362 0 obj <> endobj 3363 0 obj <> endobj 3364 0 obj <> endobj 3365 0 obj <> endobj 3366 0 obj <> endobj 3367 0 obj <> endobj 3368 0 obj [null 2062 0 R 2063 0 R 2063 0 R 2064 0 R 2065 0 R 1817 0 R 1817 0 R 1818 0 R 1819 0 R 1820 0 R 1821 0 R] endobj 3369 0 obj [1822 0 R 1823 0 R 1823 0 R 1824 0 R 998 0 R 1824 0 R 1825 0 R 1827 0 R 1825 0 R 1826 0 R 1831 0 R 1831 0 R 1832 0 R 1840 0 R 1832 0 R 1838 0 R 1833 0 R 1834 0 R] endobj 3370 0 obj [null 1835 0 R 1841 0 R 1841 0 R 1813 0 R 1865 0 R 1813 0 R 999 0 R 1813 0 R 1866 0 R 1813 0 R 1843 0 R 1843 0 R 1844 0 R 1862 0 R 1844 0 R 1863 0 R 1844 0 R 1864 0 R 1844 0 R 1845 0 R 1861 0 R 1845 0 R 1859 0 R 1846 0 R 1847 0 R] endobj 3371 0 obj [1848 0 R 1849 0 R 1849 0 R 1850 0 R 1857 0 R 1850 0 R 1851 0 R 1852 0 R 1855 0 R 1852 0 R 1856 0 R 1852 0 R 1853 0 R 1853 0 R 1854 0 R 3399 0 R 3399 0 R 3400 0 R 3401 0 R 3416 0 R 3417 0 R 3402 0 R 3403 0 R 3414 0 R 3403 0 R 3404 0 R 3413 0 R 3405 0 R 3406 0 R 3410 0 R 3406 0 R 3411 0 R 3407 0 R 3408 0 R] endobj 3372 0 obj [null 3382 0 R 3383 0 R 3384 0 R 3383 0 R 3385 0 R 3386 0 R 3387 0 R 3386 0 R 3388 0 R 3389 0 R 3390 0 R 3390 0 R 3391 0 R 3392 0 R 3391 0 R 3393 0 R 3391 0 R 3394 0 R 3391 0 R 3395 0 R 3391 0 R 3396 0 R 1069 0 R 1069 0 R 1070 0 R 1071 0 R 1071 0 R 1072 0 R] endobj 3373 0 obj [1073 0 R 1074 0 R 1074 0 R 1075 0 R 1000 0 R 1076 0 R 1517 0 R 1076 0 R 1406 0 R 1406 0 R 1407 0 R 1408 0 R 1509 0 R 1510 0 R 1511 0 R 1408 0 R 1512 0 R 1409 0 R 1411 0 R 1411 0 R 1503 0 R 1412 0 R 1001 0 R 1412 0 R 1505 0 R 1412 0 R 1413 0 R 1414 0 R 1415 0 R 1415 0 R 1416 0 R 1497 0 R 1416 0 R 1498 0 R 1416 0 R 1417 0 R 1418 0 R 1419 0 R 1492 0 R 1419 0 R 1420 0 R 1488 0 R 1002 0 R 1421 0 R 1485 0 R 1422 0 R 1486 0 R 1422 0 R 1423 0 R] endobj 3374 0 obj [null 1425 0 R 1425 0 R 1426 0 R 1427 0 R 1003 0 R 1427 0 R 1429 0 R 1429 0 R 1430 0 R 1431 0 R 1432 0 R 1478 0 R 1433 0 R 1479 0 R 1434 0 R 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