1) Let U1, U2, ... be independent random variables, each
uniformly distributed over the interval (0, 1]. These random
variables represent successive bigs on an asset that you are trying
to sell, and that you must sell by time = t, when the asset becomes
worthless. As a strategy, you adopt a secret number \Theta and you
will accept the first offer that's greater than \Theta . The offers
arrive according to a Poisson process with rate \lambda = 1....