Accession Number : AD0665972
Title : QUIZ SHOW PROBLEMS,
Corporate Author : YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
Personal Author(s) : Kadane,Joseph B.
Report Date : 08 FEB 1968
Pagination or Media Count : 26
Abstract : A quiz show contestant may choose the category of his next question. Associated with each category a is a probability p sub a of knowing the right answer to the question. If he answers the question correctly the contestant will be given a reward x sub a and be required to choose a category not previously chosen. If he answers incorrectly, he will receive the consolation prize y sub a and will leave the game with y sub a plus his previous earnings. Suppose also that entering category a will require time t sub a to recover and be ready to choose another question. The report considers the problem of how the contestant should maximize his expected discounted winnings, assuming that the discount rate beta = or > 0, and the parameters p sub a, x sub a, y sub a, and t sub a are known.
Descriptors : (*DECISION THEORY, OPTIMIZATION), (*GAME THEORY, OPTIMIZATION), ECONOMICS, PROBABILITY, SCHEDULING, DYNAMIC PROGRAMMING, SIMPLEX METHOD, ALGORITHMS, THEOREMS
Subject Categories : Operations Research
Distribution Statement : APPROVED FOR PUBLIC RELEASE