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This paper deals with the problem of whether or not a search activity should be started and, if started, whether or not it should be continued. This problem suggests a model that is described. The model gives rise to a general functional equation for which existence and uniqueness conditions are given. Several examples are discussed, solutions to the specific functional equations appropriate to the examples are given, and the optimal policies are characterized.
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MacQueen et al. (1960) studied this question.
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