A FULL-INFORMATION BEST-CHOICE PROBLEM WITH ALLOWANCE

Authors
TAMAKI M SHANTHIKUMAR JG
Citation
M. Tamaki et Jg. Shanthikumar, A FULL-INFORMATION BEST-CHOICE PROBLEM WITH ALLOWANCE, Probability in the engineering and informational sciences, 10(1), 1996, pp. 41-56
Citations number
12
Categorie Soggetti
Operatione Research & Management Science","Engineering, Industrial","Statistic & Probability","Operatione Research & Management Science
Journal title
Probability in the engineering and informational sciences → ACNP
ISSN journal
02699648
Volume
10
Issue
1
Year of publication
1996
Pages
41 - 56
Database
ISI
SICI code
0269-9648(1996)10:1<41:AFBPWA>2.0.ZU;2-A
Abstract
This paper considers a variation of the classical full-information bes t-choice problem. The problem allows success to be obtained even when the best item is not selected, provided the item that is selected is w ithin the allowance of the best item. Under certain regularity conditi ons on the allowance function, the general nature of the optimal strat egy is given as well as an algorithm to determine it exactly. It is al so examined how the success probability depends on the allowance funct ion and the underlying distribution of the observed values of the item s.