Abstract:The Pandora's Box Problem, originally formalized by Weitzman in 1979, models selection from set of random, alternative options, when evaluation is costly. This includes, for example, the problem of hiring a skilled worker, where only one hire can be made, but the evaluation of each candidate is an expensive procedure.Weitzman showed that the Pandora's Box Problem admits an elegant, simple solution, where the options are considered in decreasing order of reservation value, i.e., the value that reduces to zero t… Show more
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