Reservation Prices in Optimal Stopping

Atle Seierstad
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Atle Seierstad: University of Oslo, Blindern, Oslo, Norway

Operations Research, 1992, vol. 40, issue 2, 409-415

Abstract: In an optimal stopping problem where bids on an asset are received, conditions are given that ensure the so-called reservation price property, namely, if a certain price is accepted, then any higher price would also have been accepted at that point in time. The approach followed in this paper is similar to that pursued by D. B. Rosenfield and R. D. Shapiro in 1981.

Keywords: dynamic programming; Bayesian: reservation prices; dynamic programming; optimal control: optimal price search (search for similar items in EconPapers)
Date: 1992
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