Here’s a scenario; An interviewer wants to hire the best candidate out of (n) applicants for his landscaping company: ‘Lawn Enforcement’. The applicants are interviewed in a random order, but the applicant is either rejected or accepted immediately before the next applicant is interviewed, the interviewer knows how ‘good’ each applicant is relative to other applicants interviewed so far. At what point should the interviewer stop and pick the next applicant to beat all previous applicants? This interviewer may seem very obnoxious and has better things to do, but this is an example of an optimal stopping problem. They have many applications, dating, searching for property, stock trading algorithms, when to eat, almost every problem is a stopping problem.
Optimal Stopping Problem.