Lecture
This lecture discusses asset selling where random offers are received and can be accepted or rejected to maximize revenue at a terminal time. It covers controlled stochastic processes, dynamic programming, and the concept of acceptance threshold. The lecture also explores the optimal policy for accepting offers and the dynamics of maximizing revenue. Additionally, it delves into the properties of acceptance thresholds and the intuition behind the decision-making process. The lecture concludes with a discussion on purchasing with a deadline and the impact of commodity prices on decision-making.