TY  - GEN
AB  - We model and solve Best Choice Problems in the multiple prior framework: An ambiguity averse decision maker aims to choose the best among a fixed number of applicants that appear sequentially in a random order. The decision faces ambiguity about the probability that a candidate - a relatively top applicant - is actually best among all applicants. We show that our model covers the classical secretary problem, but also other interesting classes of problems. We provide a closed form solution of the problem for time-consistent priors using minimax backward induction. As in the classical case the derived stopping strategy is simple. Ambiguity can lead to substantial differences to the classical threshold rule.
DA  - 2009
KW  - Best choice problem
KW  - Secretary problem
KW  - Optimal stopping
KW  - Ambiguity
LA  - eng
PY  - 2009
SN  - 0931-6558
TI  - The Best Choice Problem under Ambiguity
UR  - https://nbn-resolving.org/urn:nbn:de:hbz:361-14487
Y2  - 2024-11-22T06:55:08
ER  -