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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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
Departments: Lancaster University Management School > Management Science
ID Code: 134044
Deposited By: ep_importer_pure
Deposited On: 22 Jun 2019 01:02
Refereed?: Yes
Published?: Published
Last Modified: 13 Feb 2020 05:18

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