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008			240319b |||||||| |||| 00| 0 eng d
040			_aMSU _bEnglish _cMSU _erda
050			_aHB119 ECO
100	1		_aTatjana Chudjakow & Frank Riedel _eauthor
245	1	4	_aThe best choice problem under ambiguity _cby Tatjana Chudjakow and Frank Riedel
264	1		_aHeildelberg : _bSpringer, _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aEconomic theory _vVolume 54, number 1
520			_aWe model and solve best choice problems in the multiple prior framework: An ambiguity averse decision maker aims to choose the best among a fixed number of applicants that appear sequentially in a random order. The agent faces ambiguity about the probability that a candidate—a relatively top applicant—is actually best among all applicants. We show that our model covers the classical secretary problem, but also other interesting classes of problems. We provide a closed form solution of the problem for time-consistent priors using backward induction. As in the classical case, the derived stopping strategy is simple. Ambiguity can lead to substantial differences to the classical threshold rule.
650			_aAmbiguity
700			_aRiedel, Frank _eco-author
856			_u10.1007/s00199-012-0715-1
942			_2lcc _cJA
999			_c164453 _d164453