{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,7]],"date-time":"2026-04-07T02:06:24Z","timestamp":1775527584499,"version":"3.50.1"},"reference-count":28,"publisher":"Cambridge University Press (CUP)","issue":"1","license":[{"start":{"date-parts":[[2025,11,3]],"date-time":"2025-11-03T00:00:00Z","timestamp":1762128000000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["cambridge.org"],"crossmark-restriction":true},"short-container-title":["J. Appl. Probab."],"published-print":{"date-parts":[[2026,3]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>We study sequential optimal stopping with partial reversibility. The optimal stopping problem is subject to implementation delay, which is random and exponentially distributed. Once the stopping decision is made, the decision maker can, by incurring a cost, call the decision off and restart the stopping problem. The optimization criterion is to maximize the expected present value of the total payoff. We characterize the value function in terms of a Bellman principle for a wide class of payoff functions and potentially multidimensional strong Markov dynamics. We also analyse the case of linear diffusion dynamics and characterize the value function and the optimal decision rule for a wide class of payoff functions.<\/jats:p>","DOI":"10.1017\/jpr.2025.10033","type":"journal-article","created":{"date-parts":[[2025,11,3]],"date-time":"2025-11-03T10:51:47Z","timestamp":1762167107000},"page":"225-257","update-policy":"https:\/\/doi.org\/10.1017\/policypage","source":"Crossref","is-referenced-by-count":0,"title":["A sequential stopping problem with costly reversibility"],"prefix":"10.1017","volume":"63","author":[{"given":"Jukka","family":"Lempa","sequence":"first","affiliation":[{"name":"University of Turku"}]},{"given":"Harto","family":"Saarinen","sequence":"additional","affiliation":[{"name":"University of Turku"}]},{"given":"Tarmo","family":"Taipale","sequence":"additional","affiliation":[{"name":"University of Turku"}]}],"member":"56","published-online":{"date-parts":[[2025,11,3]]},"reference":[{"key":"S0021900225100338_ref18","doi-asserted-by":"publisher","DOI":"10.1007\/s00186-019-00694-6"},{"key":"S0021900225100338_ref8","doi-asserted-by":"publisher","DOI":"10.1016\/j.orl.2022.06.005"},{"key":"S0021900225100338_ref5","doi-asserted-by":"publisher","DOI":"10.1016\/S0377-2217(01)00057-1"},{"key":"S0021900225100338_ref3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2014.10.010"},{"key":"S0021900225100338_ref21","doi-asserted-by":"publisher","DOI":"10.1142\/S0219493705001419"},{"key":"S0021900225100338_ref13","doi-asserted-by":"publisher","DOI":"10.1137\/130927814"},{"key":"S0021900225100338_ref24","unstructured":"[24] Peskir, G. and Shiryaev, A. (2006). Optimal Stopping and Free-Boundary Problems (Lectures in Mathematics, ETH Z\u00fcrich). Birkh\u00e4user, Basel."},{"key":"S0021900225100338_ref12","doi-asserted-by":"publisher","DOI":"10.1239\/aap\/1019160954"},{"key":"S0021900225100338_ref2","doi-asserted-by":"publisher","DOI":"10.1080\/1351847X.2015.1113195"},{"key":"S0021900225100338_ref27","doi-asserted-by":"publisher","DOI":"10.1016\/j.iref.2018.08.001"},{"key":"S0021900225100338_ref7","unstructured":"[7] Borodin, A. N. and Salminen, P. (2015). Handbook of Brownian Motion: Facts and Formulae, 2nd edn. Birkh\u00e4user, Basel."},{"key":"S0021900225100338_ref20","doi-asserted-by":"publisher","DOI":"10.1137\/110845471"},{"key":"S0021900225100338_ref4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2011.06.006"},{"key":"S0021900225100338_ref14","unstructured":"[14] Haejun, J. (2024). The effects of time-to-build and regulation on investment timing and size. Available at https:\/\/ssrn.com\/abstract=4747939."},{"key":"S0021900225100338_ref23","doi-asserted-by":"publisher","DOI":"10.1007\/s00245-007-9034-5"},{"key":"S0021900225100338_ref15","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(00)00069-5"},{"key":"S0021900225100338_ref22","volume-title":"Stochastic Differential Equations: An Introduction with Applications","author":"\u00d8ksendal","year":"2013"},{"key":"S0021900225100338_ref10","doi-asserted-by":"publisher","DOI":"10.1239\/jap\/1231340232"},{"key":"S0021900225100338_ref19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmaa.2020.124916"},{"key":"S0021900225100338_ref6","doi-asserted-by":"publisher","DOI":"10.1007\/s43546-021-00137-7"},{"key":"S0021900225100338_ref28","volume-title":"Optimal Stopping Rules","author":"Shiryaev","year":"2008"},{"key":"S0021900225100338_ref11","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2022.110494"},{"key":"S0021900225100338_ref25","volume-title":"Diffusions, Markov Processes and Martingales","author":"Rogers","year":"2006"},{"key":"S0021900225100338_ref1","doi-asserted-by":"publisher","DOI":"10.2307\/2297794"},{"key":"S0021900225100338_ref26","doi-asserted-by":"publisher","DOI":"10.1080\/17442508.2023.2256923"},{"key":"S0021900225100338_ref16","doi-asserted-by":"publisher","DOI":"10.1007\/s00245-012-9166-0"},{"key":"S0021900225100338_ref17","doi-asserted-by":"publisher","DOI":"10.1007\/s00186-012-0384-7"},{"key":"S0021900225100338_ref9","doi-asserted-by":"publisher","DOI":"10.1111\/mafi.12380"}],"container-title":["Journal of Applied Probability"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.cambridge.org\/core\/services\/aop-cambridge-core\/content\/view\/S0021900225100338","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,7]],"date-time":"2026-04-07T01:25:21Z","timestamp":1775525121000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.cambridge.org\/core\/product\/identifier\/S0021900225100338\/type\/journal_article"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,11,3]]},"references-count":28,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2026,3]]}},"alternative-id":["S0021900225100338"],"URL":"https:\/\/doi.org\/10.1017\/jpr.2025.10033","relation":{},"ISSN":["0021-9002","1475-6072"],"issn-type":[{"value":"0021-9002","type":"print"},{"value":"1475-6072","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,11,3]]},"assertion":[{"value":"\u00a9 The Author(s), 2025. Published by Cambridge University Press on behalf of Applied Probability Trust","name":"copyright","label":"Copyright","group":{"name":"copyright_and_licensing","label":"Copyright and Licensing"}},{"value":"This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (https:\/\/creativecommons.org\/licenses\/by\/4.0\/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.","name":"license","label":"License","group":{"name":"copyright_and_licensing","label":"Copyright and Licensing"}},{"value":"This content has been made available to all.","name":"free","label":"Free to read"}]}}