Optimal Stopping also considering Time cost or search Cost

iamchitranjanbaghi

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May 29, 2018
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I am not good at math, but I was reading a book called algorithms to live by.
There is a concept of optimal stopping.

Now I wanted to know how can I implement it in my real life. I was looking for formula but those were confusing.
I want to create simple formula which I can put in excel and can calculate life decisions such as:

Finding
When to stop learning a skill, if learning cost is T, and money that can be earned after learning that skill is T1 then I should study still I recover my cost.

How long should I practice, should I keep practicing whole life and never enter competition so here I have to put some cost after which it won't be of any benefit to practice further.

How long to keep a startup running, knowing it is not making money, I can either go bankrupt or find optimal stopping.

So someone please guide me. Thank you.
 
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