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A Sequential Selection Problem *
Author(s) -
Kwan Clarence C.Y.,
Yuan Yufei
Publication year - 1988
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/j.1540-5915.1988.tb00301.x
Subject(s) - selection (genetic algorithm) , computer science , position (finance) , simple (philosophy) , sequence (biology) , process (computing) , mathematical optimization , operations research , mathematics , machine learning , economics , philosophy , finance , epistemology , biology , genetics , operating system
In this study we formulate a sequential selection problem. In a setting where a choice sequence among candidates is established for filling a job position, the analysis explicitly takes into account the benefits from the hiring, the risk of rejection of the job offer, and the costs due to delays in filling the position. The proposed solution, which is both intuitive and simple, is able to capture analytically the decision process. We also illustrate the versatility of the analysis by considering several other relevant sequential selection settings.