Math: the optimal stopping problem

Self-tutoring about math in everyday life: the tutor mentions a gem.

Even among people who avoid math, it’s hard to imagine one who doesn’t engage in the optimal stopping problem.

The optimal stopping problem means deciding when to choose an option you already have rather than waiting for a new (better) one to arrive. In a way, the old proverb “a bird in the hand is worth two in the bush” is a reflection of the optimal stopping problem.

People participate in the optimal stopping problem in shopping, dating, research…in virtually every situation where the options can change. So, what situation are you facing right now that involves the optimal stopping problem? (Don’t answer out loud, of course – just inwardly:)

Source:

math.ucla.edu