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

Author

Listed:
  • 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.

Suggested Citation

  • Hsueh-Ling Huynh & Sumon Majumdar, 2006. "How to take an exam if you must: Decision under Deadline," Working Papers 1119, Queen's University, Department of Economics.
  • Handle: RePEc:qed:wpaper:1119
    as

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    File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_1119.pdf
    File Function: First version 2006
    Download Restriction: no

    References listed on IDEAS

    as
    1. Ted O'Donoghue & Matthew Rabin, 1999. "Incentives for Procrastinators," The Quarterly Journal of Economics, Oxford University Press, vol. 114(3), pages 769-816.
    2. 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.
    3. Ma, Ching-To Albert & Manove, Michael, 1993. "Bargaining with Deadlines and Imperfect Player Control," Econometrica, Econometric Society, vol. 61(6), pages 1313-1339, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Deadline; search; invariance;

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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