I would like to sell my used car to the highest bidder. Studying the market, I have
Question:
I would like to sell my used car to the highest bidder. Studying the market, I have concluded that I am likely to receive three types of offers with equal probabilities: low at about $1050, medium at about $1900, and high at about $2500. I advertise the car for up to 3 consecutive days. At the end of each day, I decide whether to accept the best offer of the day. What should be my optimal strategy regarding the acceptance of an offer?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Let j 1 high offer2 medium offer3 low o...View the full answer
Answered By
Jonas Araujo
I have recently received the degree of PhD. In Physics by the Universidade Federal do Maranhão after spending a term in Durham University, as I have been awarded a scholarship from a Brazilian mobility program. During my PhD. I have performed research mainly in Theoretical Physics and published works in distinguished Journals (check my ORCID: https://orcid.org/0000-0002-4324-1184).
During my BSc. I have been awarded a scholarship to study for a year in the University of Evansville, where I have worked in detection-analysis of photon correlations in the the Photonics Laboratory. There I was a tutor in Electromagnetism, Classical Mechanics and Calculus for most of that year (2012).
I am very dedicated, honest and a fast learner, but most of all, I value a job well done.
1+ Reviews
10+ Question Solved
Related Book For 
Question Posted:
