Full-Information Best Choice Problems with Imperfect Observation
The following full-information (FI) best choice problem (BCP) was studied by Gilbert and Mosteller (1966). A known number, N, of iid rv’s X 1, X 2,…, X N from a known continuous distribution F are observed sequentially with the object of choosing the largest. After X n is observed it must be chosen (and the observation is terminated) orrejected (and the observation is continued). Neither recall nor uncertainty of selection is allowed and one choice must be made.
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