New developments of the odds theorem (1212.1391v1)

Abstract: The odds theorem and the corresponding solution algorithm (odds algorithm) are tools to solve a wide range of optimal stopping problems. Its generality and tractability have caught much attention. (Google for instance "Bruss odds" to obtain a quick overview.) Many extensions and modifications of the this result have appeared since publication in~2000. This article reviews the important gnew developments and applications in this field. The spectrum of application comprises as different fields as secretary problems, more general stopping problems, robotic maintenance problems, compassionate use clinical trials and others. This review also includes a new contribution of our own.