Bilateral Approach to the Secretary Problem
AbstractA 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.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 19888.
Date of creation: 2000
Date of revision: 2003
optimal stopping problem; game variant; Markov process; random priority; secretary problem;
Find related papers by 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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- Ramsey, David M. & Szajowski, Krzysztof, 2004. "Correlated equilibria in competitive staff selection problem," MPRA Paper 19870, University Library of Munich, Germany, revised 2006.
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