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Some recommended books for understanding Optimal Stopping problems include 'Optimal Stopping Rules' by Albert N. Shiryaev, 'Optimal Stopping and Free-Boundary Problems' by Goran Peskir and Albert N. Shiryaev, and 'Introduction to the Theory of Sequentially Optimal Decisions' by Boris M. Miller. For online resources, you can check out research papers and articles on websites like JSTOR, Springer, and Wiley Online Library. Also, online courses on platforms like Coursera and Khan Academy may offer relevant content.
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"Optimal Stopping" problems refer to dilemmas that require the best decision in the shortest amount of time. How do you balance the need to get all the facts with the need to act before it's too late? Common examples include searching for the perfect parking spot, when to rent an apartment before they're all taken and when to hire the best candidate for a job. The latter has been thoroughly examined and discussed by mathematicians since the 1950s.
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