Status: Just getting started studying this.
Summary:
Conjecture: The most common applications of optimal stopping algos are similar to the Secretary Problem.
That problem basically asks "When do we stop evaluating interviewees?" and is equivalent to a whole lot of more interesting things, such as "When do we stop evaluating employment offers?"
Some solutions are known that offer at least a 33% chance of getting the right answer, such as:
- You have N applicants, and e is the log number e
- Reject the first N/e candidates
- After that, stop at the first applicant that is better than every applicant so far.
Of course, that is an oversimplification and leaves a lot of considerations out.
Wikipedia Clickhole References:
Read through these stopping when you can no longer grok the math (optimal! ;) and you will have a good overview:
Optimal Stopping
Stopping Rule
Secretary Problem
Odds Algorithm
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