The understanding of Optimal Stopping problems has significantly evolved since the 1950s. Initially, these problems were primarily studied in the context of mathematical theory. However, over time, they have been applied to various practical scenarios, such as decision-making in business, economics, and computer science. The development of more sophisticated mathematical and computational tools has also allowed for a deeper understanding of these problems. Furthermore, the concept of 'regret' was introduced, which considers the cost of stopping too early or too late. This has added a new dimension to the study of Optimal Stopping problems.
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