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A Note on a Continuous-Time Search Model with Several Offer Streams

Author

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  • Wolfgang Stadje

    (University of Osnabruck, Osnabruck, Germany)

Abstract

We consider a continuous-time search model with n random offer streams forming independent renewal processes. The distribution of the offer size may depend on the arrival time and the type of the offer, and there is a constant search cost per unit time. The searcher wants to select an offer such that the expected discounted reward is maximized. We present a method for computing such a strategy and apply it to some numerical examples. In the case of Poisson offer streams a more direct approach is also given.

Suggested Citation

  • Wolfgang Stadje, 1992. "A Note on a Continuous-Time Search Model with Several Offer Streams," Operations Research, INFORMS, vol. 40(3-supplem), pages 346-352, June.
    • Handle: RePEc:inm:oropre:v:40:y:1992:i:3-supplement-2:p:s346-s352
    DOI: 10.1287/opre.40.3.S346
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    Cited by:

    1. Wolfgang Stadje, 1997. "An optimal stopping problem with two levels of incomplete information," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 45(1), pages 119-131, February.
    2. David, Israel, 1998. "Explicit results for a class of asset-selling problems," European Journal of Operational Research, Elsevier, vol. 110(3), pages 576-584, November.

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