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Related Faculty

Ilia Tsetlin
Professor of Decision Sciences
Keywords
Project Management; Dynamic Programming; Uncertainty; Bayesian Updating; Optimal Stopping; Exponential Poisson Bandit;
Journal Article
McCardle K., Tsetlin I., Winkler R. L. (2018). When to Abandon a Research Project and Search for a New One Operations Research, 66(3), (pp799-813).
The authors investigate the cost of the opportunity delayed by working on one project with uncertain success rather than searching for a new project. The authors answer this question: how long should a firm work on a research project with uncertain success before abandoning it if the only alternative is to search for a new project to work on?