In a bandit monitoring model with hidden Markov state evolution, the principal's informational motive to explore functions as an endogenous commitment device that strictly lowers equilibrium infraction rates.
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Data-Driven Monitoring and Deterrence in a Changing Environment
In a bandit monitoring model with hidden Markov state evolution, the principal's informational motive to explore functions as an endogenous commitment device that strictly lowers equilibrium infraction rates.