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Consider an application of the optimal stopping model of satiscing. There are n items each of whose utility to the decision maker is drawn independently
Consider an application of the optimal stopping model of satiscing. There are n items
each of whose utility to the decision maker is drawn independently from a uniform
distribution on [0; 1]. What must the cost k of inspecting each item be such that the
DM will optimally choose to stop searching after finding an item of utility 1
2 or better?
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