Two-Step Drawing From Urns

Kolassa, Stephan (2005) Two-Step Drawing From Urns. In: Operations Research Proceedings 2004. Operations Research Proceedings . Springer, pp. 313-318. ISBN 9783540242741

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Abstract

Consider the following situation of two-step shortlisting: two experts Alice and Bob are faced with a large number of alternatives which they can only observe imprecisely. They have to choose one of the alternatives, without knowing which one is best. Alice first compiles a shortlist of alternatives by choosing her k best observations. Bob then chooses his best observation among the shortlisted alternatives. Previous research showed that this procedure sometimes yielded worse results than if a single expert made the entire decision himself. Here, we consider an urn containing n — 1 homogeneous balls and one ball with larger weight. When drawing balls at random from the urn, the probability of drawing any one ball is proportional to its weight. Alice draws k balls and puts them in another urn, from which Bob then draws a single ball. Which value of k maximizes the probability that Bob draws the distinguished ball?

Item Type:
Contribution in Book/Report/Proceedings
ID Code:
134044
Deposited By:
Deposited On:
22 Jun 2019 01:02
Refereed?:
Yes
Published?:
Published
Last Modified:
13 Aug 2020 09:26