A Note on a Continuous-Time Search Model with Several Offer Streams

Wolfgang Stadje
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Wolfgang Stadje: University of Osnabruck, Osnabruck, Germany

Operations Research, 1992, vol. 40, issue 3-supplement-2, S346-S352

Abstract: We consider a continuous-time search model with n random offer streams forming independent renewal processes. The distribution of the offer size may depend on the arrival time and the type of the offer, and there is a constant search cost per unit time. The searcher wants to select an offer such that the expected discounted reward is maximized. We present a method for computing such a strategy and apply it to some numerical examples. In the case of Poisson offer streams a more direct approach is also given.

Keywords: dynamic programming/optimal control; models: optimal stopping for superimposed renewal processes; search and surveillance: continuous-time job search model (search for similar items in EconPapers)
Date: 1992
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