Research on the Satisficing Policy of the Secretary Problem

Xin Lin Wu; Yong Zhao

doi:10.4028/www.scientific.net/AMM.427-429.1924

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HomeApplied Mechanics and MaterialsApplied Mechanics and Materials Vols. 427-429Research on the Satisficing Policy of the...

Research on the Satisficing Policy of the Secretary Problem

Abstract:

The methods for determining optimal policies are core problems in the standard secretary problem. The optimal policies are based on the hypothesis of complete rationality. However, some experimental researches showed that decision makers in reality often stopped searching earlier. In this paper, some assumptions of the standard secretary problem are weakened and a satisficing policy based on the hypothesis of bounded rationality is proposed to describe the choice behavior of a decision maker. Moreover, the possibility degree of the decision-maker to choose the satisfactory item is calculated.

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Periodical:

Applied Mechanics and Materials (Volumes 427-429)

Pages:

1924-1927

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https://doi.org/10.4028/www.scientific.net/AMM.427-429.1924

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Online since:

September 2013

Authors:

Xin Lin Wu*, Yong Zhao

Keywords:

Probability, Satisficing Policy, Secretary Problem

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