When to stop - A cardinal secretary search experiment
Article
Angelovski, A. and Guth, W. 2020. When to stop - A cardinal secretary search experiment. Journal of Mathematical Psychology. 98, pp. 1-17. https://doi.org/10.1016/j.jmp.2020.102425
Type | Article |
---|---|
Title | When to stop - A cardinal secretary search experiment |
Authors | Angelovski, A. and Guth, W. |
Abstract | The cardinal secretary search problem confronts the decision-maker with more or less candidates who have identically and independently distributed values and appear successively in a random order without recall of earlier candidates. Its benchmark solution implies monotonically decreasing sequences of optimal value aspirations (acceptance thresholds) for any number of remaining candidates. We compare experimentally observed aspirations with optimal ones for different numbers of (remaining) candidates and methods of experimental choice elicitation: “hot” collects play data, “warm” asks for an acceptance threshold before confronting the next candidate, and “cold” for a complete profile of trial-specific acceptance thresholds. The initially available number of candidates varies across elicitation methods to obtain more balanced data. We find that actual search differs from benchmark behavior, in average search length and success, but also in some puzzling qualitative aspects. |
Keywords | Behavioral OR; Optimal stopping; Secretary problem; Sequential search mechanism |
Publisher | Elsevier |
Journal | Journal of Mathematical Psychology |
ISSN | 0022-2496 |
Electronic | 1096-0880 |
Publication dates | |
Online | 15 Jul 2020 |
01 Sep 2020 | |
Publication process dates | |
Deposited | 14 Sep 2020 |
Submitted | 14 Aug 2019 |
Accepted | 29 Jun 2020 |
Output status | Published |
Accepted author manuscript | License |
Copyright Statement | © 2020. This manuscript version is made available under the CC-BY-NC-ND 4.0 license. |
Digital Object Identifier (DOI) | https://doi.org/10.1016/j.jmp.2020.102425 |
Web of Science identifier | WOS:000579479700005 |
Language | English |
https://repository.mdx.ac.uk/item/89118
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