Select Sets: Rank and File

Abba M. Krieger, Moshe Pollak and Ester Samuel-Cahn

Discussion Paper Series from The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem

Abstract: In many situations, the decision maker observes items in sequence and needs to determine whether or not to retain a particular item immediately after it is observed. Any decision rule creates a set of items that are selected. We consider situations where the available information is the rank of a present observation relative to its predecessors. Certain "natural" selection rules are investigated. Theoretical and Monte Carlo results are presented pertaining to the evolution of the number of items selected, measures of their quality and the time it would take to amass a group of a given size. A comparison between rules is made, and guidelines to the choice of good procedures are offered.

Keywords: Selection rules; Ranks; Nonparametrics; Sequential observations; Asymptotics (search for similar items in EconPapers)
Pages: 34 pages
Date: 2005-03
New Economics Papers: this item is included in nep-dcm
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Published in Annals of Applied Probability, 2007, vol. 17, pp. 360-385.

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