Optimal and adaptive stopping based on capture times
- 1 June 1974
- journal article
- Published by Cambridge University Press (CUP) in Journal of Applied Probability
- Vol. 11 (2) , 294-301
- https://doi.org/10.2307/3212750
Abstract
Independent exponential capture times are assumed for each of N prey. The payoff is the number of prey caught less a linear time cost. The optimal stopping time and value are obtained. When N is known an adaptive statistical procedure is proposed for which the expected payoff differs from the value by at most one-half plus a term which tends to zero (of order N–α, a < 1) as N → ∞.Keywords
This publication has 1 reference indexed in Scilit:
- Finding the Size of a Finite PopulationThe Annals of Mathematical Statistics, 1967