3 ms·
This is of course the well known secretary problem. Of course to equate this with the secretary problem, one must assume a random distribution of gas prices. B
by hristov 17y ago
This is of course the well known secretary problem. Of course to equate this with the secretary problem, one must assume a random distribution of gas prices.
But I think you can do better in real life. You can find a gas station that is more likely than average to have lower prices.
Just look for the station that would seem to be in the worst competitive position. I.e., the one that is inconveniently placed, that is away from the highway, that has a small sign, or that has a less famous logo. It will probably sell you cheaper gas.
- d0mine 17y agoSuch station should probably have higher prices to survive.
- three14 17y agoThe out-of-the-way station should have cheaper real estate costs, and should have cheaper prices to lure repeat customers to travel further (more customers x cheaper price can be more than fewer x more expensive).