When to Stop: Randomly Appearing Bivariate Target Values
نویسنده
چکیده
This paper studies, as a continuation of previous work [8), an optimal stopping problem without recall in which the decision-maker observes a sequence of iid bivariate random variables which appear sequentially one by one in a Poisson manner. The problem can be interpreted as deciding to buy a house which has the two-dimensional worth, for example, the values for husband and for his wife. The concept of equilibrium neutral functions is introduced, and by using it an explicit solution of the problem is derived by means of finding a unique solution of some simultaneous differential equations. Some examples are included to illustrat,e the computations required by an "equilibrium neutral strategy".
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