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Not considering Optimal Stopping in decision-making can lead to suboptimal outcomes. For instance, you might spend too much time searching for the perfect solution and miss out on good enough options that are available earlier. Or, you might act too quickly without gathering sufficient information, leading to a poor decision. In both cases, the result is less than ideal and can lead to wasted resources, missed opportunities, and overall inefficiency.
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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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Can computer science teach us the secrets of life? Perhaps not, but they can shed light on how certain everyday processes work and how to exploit them...
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