Author:
Enns E. G.,Ferenstein E. Z.
Abstract
Two competitors observe a Poisson stream of offers. The offers are independent and identically distributed random variables from some continuous distribution. Each of the competitors wishes to accept one offer in the interval [0, T] and each aims to select an offer larger than that of his competitor. Offers are observed sequentially and decisions to accept or reject must be made when the offers arrive. Optimal strategies and winning probabilities are obtained for the competitors under a priorized decision scheme. The time of first offer acceptance is also analyzed. In all cases the asymptotic results are obtained.
Publisher
Cambridge University Press (CUP)
Subject
Statistics, Probability and Uncertainty,General Mathematics,Statistics and Probability
Cited by
10 articles.
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