Lecture 'Simple applications of Optimal Stopping in everyday life'

For whom
Students, Employees, Alumni
When
22-06-2017 from 16:00 to 17:00
Where
Room V2, Building S9, Campus Sterre, Krijgslaan 281, 9000 Gent
Language
English
Organizer
Vakgroep Data Analyse (PP01), FPPW
Contact
Jan.DeNeve@UGent.be
Website
https://www.ugent.be/statistics/en
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In this talk we will briefly explain the notion of optimal stopping but will then quickly look at real-life applications. We speak about decision problems most of us have encountered or will accounter one day. Life is sequential since time is sequential, hence some situations are risky because decisions may be difficult to change, such as getting married, selling a house, or buying a forest. Finding tractable models yielding convincing optimal solutions is often difficult, but some exceptions are worth remembering. We will concentrate on a few of those in which the speaker was involved, as the 1/e-law (1984), the Odds-theorem (2000), (2002), the Last-arrival-Problem (2012), and on a new „basket strategy“. No special knowledge is required to follow the presentation.