Abstract: We study the best-choice problem for processes which generalise the process of records from Poisson-paced i.i.d. observations. Under the assumption that the observer knows distribution of the process and the horizon, we determine the optimal stopping policy and for a parametric family of problems also derive an explicit formula for the maximum probability of recognising the last record.
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Cites work
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- scientific article; zbMATH DE number 3349081 (Why is no real title available?)
- On the full information best-choice problem
- Optimal rules for the sequential selection of monotone subsequences of maximum expected length
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- Records in a partially ordered set
- Regenerative composition structures
- Sum the odds to one and stop
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- Why do these quite different best-choice problems have the same solutions?
Cited in
(8)- Invariant record processes and applications to best choice modelling
- Robust best choice problem
- Running minimum in the best-choice problem
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