OPTIMAL STOPPING PROBLEMS FOR SEMI-MARKOV PROCESSES

This paper gives an overview of optimal slopping problems for continuo us time semi-Markov processes. Problems of this sort arise when a deci sion maker is faced with the problem of finding optimal stopping or re placement rules an, for example, job-search, shock models or repair re placement models. The set-up of the paper is to provide a general fram ework for these sort of problems. Consequences in various submodels ar e also given.