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Bilateral Approach to the Secretary Problem

Author

Listed:
  • David M., Ramsey
  • Krzysztof, Szajowski

Abstract

A mathematical model of competitive selection of the applicants for a post is considered. There are N applicants of similar qualifications on an interview list. The applicants come in a random order and their salary demands are distinct. Two managers, I and II, will interview them one at a time. The aim of the manager is to obtain the applicant which demands minimal salary. The candidate can be accepted only at the moment of its appearance. When both manager want to accept the same candidate, then some rule of assignment to one of the manager is applied. Any candidate hired by the manager will accept the offer with some given probability. An candidate can be hired only at the moment of its appearance. At each moment n one candidate is presented. The considered problem is a generalisation of the best choice problem with uncertain employment and the game version of it with priority or random priority. The general stopping game model is constructed. The algorithms of construction of the game value and the equilibrium strategies are given. An example is solved.

Suggested Citation

  • David M., Ramsey & Krzysztof, Szajowski, 2000. "Bilateral Approach to the Secretary Problem," MPRA Paper 19888, University Library of Munich, Germany, revised 2003.
    • Handle: RePEc:pra:mprapa:19888
    as

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    File URL: https://mpra.ub.uni-muenchen.de/19888/1/MPRA_paper_19888.pdf
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    File URL: https://mpra.ub.uni-muenchen.de/19996/1/MPRA_paper_19996.pdf
    File Function: revised version
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    Citations

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    Cited by:

    1. Alpern, Steve & Gal, Shmuel & Solan, Eilon, 2010. "A sequential selection game with vetoes," Games and Economic Behavior, Elsevier, vol. 68(1), pages 1-14, January.
    2. Ramsey, David M. & Szajowski, Krzysztof, 2004. "Correlated equilibria in competitive staff selection problem," MPRA Paper 19870, University Library of Munich, Germany, revised 2006.

    More about this item

    Keywords

    optimal stopping problem; game variant; Markov process; random priority; secretary problem;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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