This paper considers the problem of selling an asset on the open market. The seller receives a random sequence of price offers, which may arrive either periodically or randomly over time. After each offer is received, the seller must decide whether or not to sell, weighing the possibility of...

Hierarchical Bayesian methods offer a principled and comprehensive way to relate psychological models to data. Here we use them to model the patterns of information search, stopping and deciding in a simulated binary comparison judgment task. The simulation involves 20 subjects making 100 forced...

Group sequential stopping rules are often used as guidelines in the monitoring of clinical trials in order to address the ethical and efficiency issues inherent in human testing of a new treatment or preventive agent for disease. Such stopping rules have been proposed based on a variety of...

We continue our survey of methods for constructing confidence intervals for steady-state means via simulation by studying sequential procedures which determine the length of the simulation during the course of the run. Our goal is to provide the simulation practitioner with some guidance as to...

We propose some new two-stage stopping procedures to construct absolute-width and relative-width confidence intervals for a simulation estimator of the steady-state mean of a stochastic process. The procedures are based on the method of standardized time series proposed by Schruben and on...

This paper analyzes how the use of endogenous direct advertising affects the functioning of a horizontally-differentiated market. We formulate a two-stage game of pricing and informative advertising in which two firms, first, compete with mass advertising and, later, build a database using their...

Consumers often complain that retail prices respond faster to increases in wholesale prices than to decreases. Despite many empirical studies confirming this "Rockets-and-Feathers" phenomenon for different industries, the mechan¬ism driving it is not well understood. In this paper, we show...