This paper presents a model of a search process for the best outcome of many multi-stage projects. The branching structure of the search environment is such that the pay-offs to various actions are correlated; nevertheless, it is shown that the optimal strategy is given by a simple reservation...

This paper presents a model of a search process for the best outcome of many multi-stage projects. The branching structure of the search environment is such that the pay-offs to various actions are correlated; nevertheless, it is shown that the optimal strategy is given by a simple reservation...