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What is the optimal stopping problem? Why is it important for dynamic discrete choice models? (it may be helpful to consult Wikipedia)
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What is the role of the value function in solving the optimal stopping problem? (again, Wikipedia may prove helpful)
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Why does Rust (1987) require a contraction mapping to estimate his model?
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What type of policy experiments does Rust (1987) engage in?
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Name another example of an optimal stopping problem in a field of economics that you are interested in.