Optimal Stopping Strategies in the Game “The Price Is Right”

Seregina, Tatiana; Ivashko, Anna A.; Мазалов, Владимир

doi:10.1134/s0081543819070101

Cited by 1 publication

(1 citation statement)

References 13 publications

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“…The multiple selling problem described above, which belongs to a class of sequential decision problems, can be considered within the framework of the optimal stopping theory [2] and its extension, the theory of optimal multiple stopping rules [3][4][5]. Various applications of optimal stopping problems can be found in many fiellds including job search [6,7], engineering [8,9], games [10], resource allocation [11], and insurance [12,13]. Different multiple selling problems have been considered in the literature.…”

Section: Introductionmentioning

confidence: 99%

An Optimal Decision Rule for a Multiple Selling Problem with a Variable Rate of Offers

Sofronov

2020

Mathematics

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An asset selling problem is one of well-known problems in the decision making literature. The problem assumes a stream of bidders who would like to buy one or several identical objects (assets). Offers placed by the bidders once rejected cannot be recalled. The seller is interested in an optimal selling strategy that maximizes the total expected revenue. In this paper, we consider a multi-asset selling problem when the seller wants to sell several identical assets over a finite time horizon with a variable number of offers per time period and no recall of past offers. We consider the problem within the framework of the optimal stopping theory. Using the method of backward induction, we find an optimal sequential procedure which maximizes the total expected revenue in the selling problem with independent observations.

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Section: Introductionmentioning

confidence: 99%

An Optimal Decision Rule for a Multiple Selling Problem with a Variable Rate of Offers

Sofronov

2020

Mathematics

View full text Add to dashboard Cite

show abstract

Optimal Stopping Strategies in the Game “The Price Is Right”

Cited by 1 publication

References 13 publications

An Optimal Decision Rule for a Multiple Selling Problem with a Variable Rate of Offers

An Optimal Decision Rule for a Multiple Selling Problem with a Variable Rate of Offers

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