Optimal employee retention when inferring unknown learning curves
Publication
, Journal Article
Arlotto, A; Gans, N; Chick, S
Published in: Proceedings of the 2010 Winter Simulation Conference
2010
This paper formulates an employer's hiring and retention decisions as an infinite-armed bandit problem and characterizes the structure of optimal hiring and retention policies. We develop approximations that allow us to explicitly calculate these policies and to evaluate their benefit. The solution involves a balance of two types of learning: the learning that reflects the improvement in performance of employees as they gain experience, and the Bayesian learning of employers as they infer properties of employees' abilities to inform the decision of whether to retain or replace employees. Numerical experiments with Monte Carlo simulation suggest that the gains to active screening and monitoring of employees can be substantial. ©2010 IEEE.
Duke Scholars
Published In
Proceedings of the 2010 Winter Simulation Conference
DOI
ISSN
0891-7736
Publication Date
2010
Start / End Page
1178 / 1188
Citation
APA
Chicago
ICMJE
MLA
NLM
Arlotto, A., Gans, N., & Chick, S. (2010). Optimal employee retention when inferring unknown learning curves. Proceedings of the 2010 Winter Simulation Conference, 1178–1188. https://doi.org/10.1109/WSC.2010.5679074
Arlotto, A., N. Gans, and S. Chick. “Optimal employee retention when inferring unknown learning curves.” Edited by B. Johansson, S. Jain, J. Montoya-Torres, J. Hugan, and E. Yücesan. Proceedings of the 2010 Winter Simulation Conference, 2010, 1178–88. https://doi.org/10.1109/WSC.2010.5679074.
Arlotto A, Gans N, Chick S. Optimal employee retention when inferring unknown learning curves. Johansson B, Jain S, Montoya-Torres J, Hugan J, Yücesan E, editors. Proceedings of the 2010 Winter Simulation Conference. 2010;1178–88.
Arlotto, A., et al. “Optimal employee retention when inferring unknown learning curves.” Proceedings of the 2010 Winter Simulation Conference, edited by B. Johansson et al., 2010, pp. 1178–88. Manual, doi:10.1109/WSC.2010.5679074.
Arlotto A, Gans N, Chick S. Optimal employee retention when inferring unknown learning curves. Johansson B, Jain S, Montoya-Torres J, Hugan J, Yücesan E, editors. Proceedings of the 2010 Winter Simulation Conference. 2010;1178–1188.
Published In
Proceedings of the 2010 Winter Simulation Conference
DOI
ISSN
0891-7736
Publication Date
2010
Start / End Page
1178 / 1188