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On the optimal stopping problems with monotone thresholds
Journal of Applied Probability
As a class of optimal stopping problems with monotone thresholds, we define the candidate-choice problem (CCP) and derive two formulae for calculating its expected payoff. We apply the first formula to a particular CCP, i.e. the best-choice duration problem treated by Ferguson et al. (1992). The recall case is also examined as a comparison. We also derive the distribution of the stopping time of the CCP and find, as a by-product, that the best-choice problem has a remarkable feature in that thedoi:10.1239/jap/1450802744 fatcat:m6wmipodardw3k4puv5hatpuui