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How to take an exam if you must: Decision under Deadline

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Author Info

  • Hsueh-Ling Huynh

    ()
    (Boston University)

  • Sumon Majumdar

    ()
    (Queen's University)

Abstract

This paper uses the example of an exam to model multi-dimensional search under a deadline. When the dimension is two, an order-invariance property allows simple characterization of the optimal search policy. Behavior is shown to be highly sensitive to changes in the deadline, and a wide variety of policies can be rationalized (as being optimal) as the length of the deadline increases. This is contrasted with behavior under the traditional case of geometric discounting, in which a similar sensitivity to changes in the discount factor cannot hold. For dimensions higher than two, the invariance principle does not hold; this increases complexity of the problem of finding the optimal search policy.

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File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1119.pdf
File Function: First version 2006
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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1119.

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Length: 29 pages
Date of creation: Feb 2006
Date of revision:
Handle: RePEc:qed:wpaper:1119

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Keywords: Deadline; search; invariance;

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  1. Ted O'Donoghue & Matthew Rabin, 1997. "Incentives for Procrastinators," Discussion Papers 1181, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Ching-to Albert Ma & Michael Manove, 1991. "Bargaining with Deadlines and Imperfect Player Control," Papers 0007, Boston University - Industry Studies Programme.
  3. Fershtman Chaim & Seidmann Daniel J., 1993. "Deadline Effects and Inefficient Delay in Bargaining with Endogenous Commitment," Journal of Economic Theory, Elsevier, vol. 60(2), pages 306-321, August.
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