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- W2096737682 abstract "We study a new search problem in continuous time. In the traditional approach, the basic formulation is to maximize the expected (discounted) return obtained by taking a job, net of search cost incurred until the job is taken. Implicitly assumed in the traditional modeling is that the agent has no job at all during the search period or her decision on a new job is independent of the job situation she is currently engaged in. In contrast, we incorporate the fact that the agent has a job currently and starts searching a new job. Hence we can handle more realistic situation of the search problem. We provide optimal decision rules as to both quitting the current job and taking a new job as well as explicit solutions and proofs of optimality. Further, we extend to a situation where the agent’s current job satisfaction may be affected by sudden downward jumps (e.g., de-motivating events), where we also find an explicit solution; it is rather a rare case that one finds explicit solutions in control problems using a jump diffusion." @default.
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- W2096737682 date "2008-08-26" @default.
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- W2096737682 title "A continuous-time search model with job switch and jumps" @default.
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- W2096737682 doi "https://doi.org/10.1007/s00186-008-0240-y" @default.
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