Selecting the best choice in the full information group interview problem

Selecting the best choice in the full information group interview problem

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Article ID: iaor20003640
Country: Netherlands
Volume: 119
Issue: 3
Start Page Number: 635
End Page Number: 651
Publication Date: Dec 1999
Journal: European Journal of Operational Research
Authors:
Keywords: programming: dynamic
Abstract:

We consider the problem of selecting the single best choice when several groups of choices are presented sequentially for evaluation. In the so-called group interview problem, we assume that the values of choices are random observations from a known distribution function and derive the optimal search strategy that maximizes the probability of selecting the best among all choices. Under the optimal search strategy derived by means of a dynamic programming technique, a decision maker simply selects the best choice in the group under consideration if its value is higher than the pre-specified decision value for that group. We also consider the optimal ordering strategy for the case where the decision maker is permitted to rearrange the sequence of groups for evaluation. We show that the optimal search and ordering strategies can be applied to many sequential decision problems such as the store location problem.

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