We study the problem of selling an asset near its ultimate maximum in the minimax setting. The regret-based notion of a perfect stopping time is introduced. The related selling rule improves any earlier one and cannot be improved by further delay. A perfect stopping time is unique and has the following form: one should sell the asset if its price deviates from the running maximum by a certain time-dependent quantity. The result is applicable to a quite general price model  .
We study the problem of selling an asset near its ultimate maximum in the minimax setting. The regret-based notion of a perfect stopping time is introduced. A perfect stopping time is uniquely characterized by its optimality properties and has the following form: one should sell the asset if its price deviates from the running maximum by a certain time-dependent quantity. The related selling rule improves any earlier one and cannot be improved by further delay. The results, which are applicable to a quite general price model , are illustrated by several examples .
D
The related selling rule improves any earlier one and cannot be improved by further delay.
R
unique
uniquely characterized by its optimality properties
R
result is
related selling rule improves any earlier one and cannot be improved by further delay. The results, which are
A
, are illustrated by several examples