Minimax solutions for the best choice problem with random freeze times and a random number of options

Minimax solutions for the best choice problem with random freeze times and a random number of options

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Article ID: iaor19961352
Country: Belgium
Volume: 36
Start Page Number: 57
End Page Number: 64
Publication Date: Oct 1994
Journal: Cahiers du Centre d'tudes de Recherche Oprationnelle
Authors:
Keywords: programming: dynamic
Abstract:

This article provides minimax solutions of certain best choice problems in which applicants may not be appointed after some random (freeze) time. It is nice to see that the so-called Unified Approach for best choice problems can be extended to include this modification, and that this extension leads to a considerable simplification compared with the dynamic programming approach. Moreover, this extension includes the feature of a random number of applicants, and also allows for certain interdependencies between the intensity of the stream of applicants and the risk of freeze, which both add to the applicational appeal of such models.

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