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1 results

  • A new continuous-time search model

  • Wolfgang Stadje
  • Journal:
    Journal of Applied Probability / Volume 28 / Issue 4 / December 1991
    Published online by Cambridge University Press:
    14 July 2016, pp. 771-778
    Print publication:
    December 1991

  • We study a search model in which offers of random size are received randomly over time. The arrival times form a point process of a certain type, and the offer size distribution may depend on the corresponding arrival time. The search costs have a time-dependent cost rate. The objective is to stop the search process such that the expected discounted net reward (associated with the maximal offer received so far) is maximized. A stopping time σ is suggested, and conditions are specified under which σ turns out to be optimal.