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|a 10.2307/1426750
|2 doi
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|a (DE-627)JST000688312
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|a (JST)1426750
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|a DE-627
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|a eng
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|a Chikte, Shirish D.
|e verfasserin
|4 aut
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|a Optimal Sequential Selection and Resource Allocation under Uncertainty
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|c 1980
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
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|a Online-Ressource
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|a Consider a decision-maker who is in charge of a number of activities. At each of a sequence of decision points in time, he selects--on the basis of their performance--the set of activities to be continued further and allocates his limited resources among them. Activities receiving larger allocations tend to improve their performance, while others receiving smaller allocations tend to deteriorate. We present a controlled random walk model for the progress of these activities. The problem of maximizing the net infinite horizon discounted return is formulated in the framework of Markov decision theory, and existence of optimal strategies established. It is shown that both the optimal selection and allocation strategies exhibit a 'favoring the leaders' behavior. Finally, explicit solutions to certain special cases are obtained illustrating these results.
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|a Copyright 1980 Applied Probability Trust
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|a Optimal stochastic resource allocation
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|a Optimal selection
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|a Random walk
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|a Markov decision theory
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|a Mathematics
|x Applied mathematics
|x Game theory
|x Strategic behavior
|x Optimal strategies
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|a Applied sciences
|x Computer science
|x Computer programming
|x Mathematical programming
|x Dynamic programming
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|a Mathematics
|x Applied mathematics
|x Statistics
|x Random walk
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|a Mathematics
|x Pure mathematics
|x Probability theory
|x Random variables
|x Stochastic processes
|x Markov processes
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|a Mathematics
|x Pure mathematics
|x Linear algebra
|x Vector analysis
|x Mathematical vectors
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|a Business
|x Accountancy
|x Financial accounting
|x Budgeting
|x Budget allocation
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|a Behavioral sciences
|x Psychology
|x Cognitive psychology
|x Decision theory
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|a Mathematics
|x Pure mathematics
|x Probability theory
|x Stochastic models
|x Markov models
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|a Philosophy
|x Logic
|x Logical topics
|x Formal logic
|x Mathematical logic
|x Mathematical set theory
|x Mathematical sets
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|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Descriptive statistics
|x Statistical distributions
|x Distribution functions
|x Probability distributions
|x Discrete probability distributions
|x Probability mass distributions
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|a research-article
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|i Enthalten in
|t Advances in Applied Probability
|d Applied Probability Trust
|g 12(1980), 4, Seite 942-957
|w (DE-627)269247009
|w (DE-600)1474602-5
|x 00018678
|7 nnns
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|g volume:12
|g year:1980
|g number:4
|g pages:942-957
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|u https://www.jstor.org/stable/1426750
|3 Volltext
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|u https://doi.org/10.2307/1426750
|3 Volltext
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|d 12
|j 1980
|e 4
|h 942-957
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