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A continuous-time job search model: General renewal processes. (English) Zbl 0827.60028
The authors consider an optimal stopping problem in continuous time called a job search model: i.i.d. rewards are obtained at random times according to a renewal process and there are costs of observation and possible discounting. They give a basic backward induction principle which subsequently is applied to various types of interarrival distributions.
Reviewer: A.Irle (Kiel)

MSC:
60G40 Stopping times; optimal stopping problems; gambling theory
60K10 Applications of renewal theory (reliability, demand theory, etc.)
90B40 Search theory
62L15 Optimal stopping in statistics
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