Sampling distribution · variance parabola
Drag the point along the parabola to move the baseline b. The mean above never moves
The mean never moves. Slide b anywhere: the two possible estimates shift and their spread changes, but the probability-weighted mean stays pinned to the true gradient. The score has mean zero, so any constant subtracts for free.
There is a zero-variance point. At b = b* the two possible estimates merge onto the mean: a single sample returns the exact gradient. Two outcomes and one adjustable constant make that possible only in the bandit, but the parabola is general.
The value baseline is not the optimal one. V weights rewards by their probabilities; b* flips the weights. They agree only at σ = ½. Push θ toward saturation and watch V drift away from b* — sometimes past the point where it beats no baseline at all.