A Best-Choice Problem With Linear Travel Cost
- 1 June 1985
- journal article
- research article
- Published by JSTOR in Journal of the American Statistical Association
- Vol. 80 (390) , 461
- https://doi.org/10.2307/2287915
Abstract
The concepts of sampling cost and recall of previously seen applicants are here combined in a natural way: The best, second best, and so forth, of infinitely many applicants are located at points independently and uniformly distributed on the unit interval. A traveler, observing relative ranks, hopes to select the best applicant, and incurs a cost proportional to the total distance traveled, plus a unit loss if the applicant selected is not overall best. The optimal policy and its risk are derived. A finite version of the problem is also solved.Keywords
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