What does “discount factor” represent in a Markov Decision Process?
a) The probability of transitioning between states
b) The relative importance of future rewards
c) The time step in the process
d) The average waiting time
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b) The relative importance of future rewards
In a Markov Decision Process (MDP), the discount factor represents the degree to which future rewards are valued compared to immediate rewards. A discount factor close to 1 means that future rewards are nearly as important as immediate rewards, while a factor close to 0 indicates that future rewards are less important, and the focus is primarily on immediate rewards.