How to take an exam if you must: Decision under Deadline
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.
|Date of creation:||Feb 2006|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (613) 533-2250
Fax: (613) 533-6668
Web page: http://qed.econ.queensu.ca/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ted O'Donoghue & Matthew Rabin, 1999.
"Incentives For Procrastinators,"
The Quarterly Journal of Economics,
MIT Press, vol. 114(3), pages 769-816, August.
- Ching-to Albert Ma & Michael Manove, 1991.
"Bargaining with Deadlines and Imperfect Player Control,"
0007, Boston University - Industry Studies Programme.
- Ma, Ching-To Albert & Manove, Michael, 1993. "Bargaining with Deadlines and Imperfect Player Control," Econometrica, Econometric Society, vol. 61(6), pages 1313-39, November.
- 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.
When requesting a correction, please mention this item's handle: RePEc:qed:wpaper:1119. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark Babcock)
If references are entirely missing, you can add them using this form.