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Mathematics, 31.10.2021 01:20 vm204618

I am selling my house, and have decided to accept the first offer exceeding $K. Assuming that offers are independent exponential random variables with common mean $K. What is the expected number of offers received until I sell the house (including the offer that is finally accepted)

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I am selling my house, and have decided to accept the first offer exceeding $K. Assuming that offers...
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