Revision as of 19:51, 14 January 2009 edit E.qrqy (talk \| contribs) 2 edits →Changed subscript on definition of Q_{.}, from Q_{n} to Q_{s} ← Previous edit		Revision as of 02:53, 1 February 2009 edit undo 199.164.185.105 (talk) No edit summary Next edit →
Line 14: Two different situations exemplify the interest in maximizing the probability to stop on a last specific event. 1. Suppose a car is advertised for sale (best offer) ~~on the internet~~. n people respond and ask to see the car. They all insist that they would need the immediate decision whether their offer is accepted or not. Define an offer ''interesting'', coded '''1''' say, if it is better than all preceding offers, and coded '''0''' otherwise. The offers will form a random sequence of 0's and 1's. Only 1's are of interest to the seller, and with each 1 he/she may fear that there will be no further 1's. It follows from the definition that the very last 1 is the highest offer. Maximizing the probability of selling on the last 1 therefore means maximizing the probability of selling '''best.'''

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