The Economics of Information and Optimal Stopping Rules.
ResearchPublished 1964
A presentation of methods for measuring the economic value of information in two different stopping environments. The decision process in the first environment is repetitive, while the associated probability mechanism is unknown. Some recent results of statistical decision theory are used to assess the value of collecting more information. Decision processes comprising the second class of stopping problems have a terminating structure. The decisionmaker is assumed to know the probability law that generates investment opportunities, but each successive investment opportunity entails additional investment costs. Dynamic programming determines when the best investment opportunity occurs. 37 pp. Bibliog.
Document Details
- Copyright: RAND Corporation
- Availability: Available
- Year: 1964
- Print Format: Paperback
- Paperback Pages: 37
- Paperback Price: $20.00
- Document Number: P-2987
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McCall, John, The Economics of Information and Optimal Stopping Rules. RAND Corporation, P-2987, 1964. As of October 12, 2024: https://www.rand.org/pubs/papers/P2987.html
McCall, John, The Economics of Information and Optimal Stopping Rules. Santa Monica, CA: RAND Corporation, 1964. https://www.rand.org/pubs/papers/P2987.html. Also available in print form.
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