You are not currently logged in.
Access JSTOR through your library or other institution:
If You Use a Screen ReaderThis content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
A Weakest Link Marked Stopping Problem
Steven A. Lippman, Sheldon M. Ross and Sridhar Seshadri
Journal of Applied Probability
Vol. 44, No. 4 (Dec., 2007), pp. 843-851
Published by: Applied Probability Trust
Stable URL: http://www.jstor.org/stable/27595891
Page Count: 9
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Preview not available
We consider a model in which we have k items to be sold. Potential buyers make offers in a sequential fashion. Once made, the offer is either rejected or marked for acceptance. Once k items have been marked, the items are then sold to the buyers whose offers were marked, but at a price equal to the minimum of the k marked offers. Assuming that the successive offers are independent and identically distributed according to a specified distribution and that there is a fixed cost incurred whenever an offer is rejected, we determine structural results about the optimal policy, present computational approaches for finding the optimal policy, and give some heuristic policies.
Journal of Applied Probability © 2007 Applied Probability Trust