A heuristic for solving secretary problem with the consideration of risk aversion
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C934

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    Abstract:

    Secretary problem involves a sequential of observations and related selection,and describes a dynamic information search and decision-making process. To overcome the limitations of existing heuristics in finding satisfactory solutions,the paper proposes a new heuristic based on the relative ranking of the current option in the observed options,the number of subsequent options,and the decision makers’aspiration level which can be set flexibly to determine the result orientation of the heuristic. Deduced results and simulation evidence show that the proposed heuristic is superior to the existing heuristic methods in terms of the expected ranking,stability of the final selected option,and the avoidance of the risk solution.

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  • Online: October 25,2021
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