Paper:
Reinforcement learning (RL) is frequently used to increase performance in text generation tasks, including machine translation (MT), notably through the use of Minimum Risk Training (MRT) and Generative Adversarial Networks (GAN). However, little is known about what and how these methods learn in the context of MT. We prove that one of the most common RL methods for MT does not optimize the expected reward, as well as show that other methods take an infeasibly long time to converge. In fact, our results suggest that RL practices in MT are likely to improve performance only where the pre-trained parameters are already close to yielding the correct translation. Our findings further suggest that observed gains may be due to effects unrelated to the training signal, concretely, changes in the shape of the distribution curve.

Review:
This paper first theoretically demonstrates that a commonly used reinforcement learning method for neural sequence-to-sequence models (e.g. in NMT), contrastive minimum risk training (CMRT), is not guaranteed to converge to local (let alone global) optima of the reward function. The paper then empirically demonstrates that the REINFORCE algorithm, while not subject to the same theoretical flaws as CMRT, in practice fails to improve NMT models unless the baseline model is already "nearly correct" (i.e. the correct tokens were already within the few most probable tokens before the fine-tuning steps with REINFORCE). In fact, some of the performance gains of using REINFORCE/CMRT can be attributed to making the model's output probability distribution more peaked, and not necessarily from making the target tokens more probable as commonly assumed.
Overall, this is an excellent paper that offers significant contributions for the field. I have summarised the key strengths of the paper below, along with several suggestions and questions that I hope will be addressed by the authors. Based on my assessment, I am recommending a rating of "Accept" for this paper.
Strengths:
1. The paper is very well-written and well-structured. It starts off by pointing out the theoretical limitations of CMRT (and concisely recaps the key differences between CMRT and REINFORCE), and continues with an extensive set of experiments that clearly illustrates the limitations of REINFORCE in practice. 
2. I also like the use of both controlled simulations (including one where the reward is constant) and NMT experiments with real data. The controlled simulations are useful to abstract away from the full complexity of the model and investigate what happens under various control scenarios, while the NMT experiments demonstrate that the findings still hold under the realistic setup.
3. The findings are really interesting and clearly illustrate the limitations of existing REINFORCE/CMRT methods for neural sequence-to-sequence models. It is very interesting to see that REINFORCE fails to make the target token most probable when the initial model ranks the target token as the third or more probable tokens under the model (Figure 2), even under the simple controlled simulations, which highlights the prohibitively high sample complexity of the model. 
4. The peakiness effect hypothesis (i.e. attributing the gains of REINFORCE to making the output distribution more peaked, and not necessarily by making the target tokens more probable) is well-supported by the paper's empirical evidence. It is really illuminating that using a constant reward of 1 leads to the same BLEU score as actually optimising for BLEU in NMT (Section 5.2).
Suggestions and questions:
1. Section 4.2 (NMT Experiments) indicates that REINFORCE fine-tuning is done for 10 epochs, with 5,000 sentences per epoch, and k=1. Considering the enormous discrete sample space, one could expect that using multi-sample REINFORCE (i.e. k > 1) and training the model for many more epochs might mitigate the identified problems to some extent, and thus change the findings. Training for 5,000 sentences * 10 epochs may just not be enough for the RL fine-tuning to make a big difference.
2. In Figure 1, the x-axis is the "Update Size" with a scale between -1.0 and 1.0. This "Update Size" variable is not really explained in the paper, and why the scale is between -1.0 and 1.0.
3. In my understanding, the controlled simulations (Section 4.1) is done at the word-level (including word-level rewards, as opposed to the NMT experiments which are done at the sequence-level with sentence-level rewards). If this is the case, this should be made clearer.
4. To make Figure 3 easier to understand, the caption should indicate that a lower cumulative percentage means a more peaked output distribution.
5. Rather than breaking down the analysis by where the target token is ranked by the initial, pre-RL model (e.g. the target token is ranked second/third best in Figures 2 and 5), perhaps what really matters is the probability assigned to the target token. For instance, even if the target token is ranked third best by the initial model, there will be a big difference whether it is assigned a probability of 0.1 or 0.01 (i.e. the latter case is much less likely to be sampled, which would exacerbate the problem). Including this analysis might help strengthen the paper further.