Professor Pieter Allaart invites you to attend the masters project defense of Joe Czop next Friday, May 8th, at 10:30 am in GAB 461. Cookies and coffee will be served in GAB 472 following this event.
"Simulating the House Selling Problem with k Identical Objects"
Abstract:
In the classic house selling problem, you have an asset to sell and observe offers one at a time, with associated cost, until you decide to accept one. Much work has been done on finding an optimal stopping rule for these types of problems. In this project we examine the work of Bruss and Ferguson on the house selling problem with multiple identical objects and vector offers. By using Monte Carlo simulation, we circumvent cumbersome integration and present optimal expected returns for up to 10 objects using uniform and exponential offer distributions. The problem with recall will also be treated.