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Adaptive disposal models

Author

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  • C. Derman
  • G. J. Lieberman
  • S. M. Ross

Abstract

This paper reconsiders the classical model for selling an asset in which offers come in daily and a decision must then be made as to whether or not to sell. For each day the item remains unsold a continuation (or maintenance cost) c is incurred. The successive offers are assumed to be independent and identically distributed random variables having an unknown distribution F. The model is considered both in the case where once an offer is rejected it may not be recalled at a later time and in the case where such recall of previous offers is allowed.

Suggested Citation

  • C. Derman & G. J. Lieberman & S. M. Ross, 1979. "Adaptive disposal models," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 26(1), pages 33-40, March.
    • Handle: RePEc:wly:navlog:v:26:y:1979:i:1:p:33-40
    DOI: 10.1002/nav.3800260104
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    Cited by:

    1. Michael Katehakis & Ingram Olkin & Sheldon Ross & Jian Yang, 2013. "On the life and work of Cyrus Derman," Annals of Operations Research, Springer, vol. 208(1), pages 5-26, September.

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