This paper describes theNeighbourhood Search, an effectivemethod that we suggest for constructing Pareto sets in multiple objective problems with conegenerated orders. TheNeighbourhood Search is then applied to discounted Markov Decision Processes, resulting in original statements about...

In this paper, we study the average optimality for continuous-time controlled jump Markov processes in general state and action spaces. The criterion to be minimized is the average expected costs. Both the transition rates and the cost rates are allowed to be unbounded. We propose another set of...

Most performance evaluation models in the operations management literature implicitly assume that tasks possess standardized completion criteria. However, in many systems, particularly service and professional work, judgment is frequently required to determine how much time to allocate to a...

We consider a multicomponent, single-product assemble-to-order (ATO) system that faces frequent, component-based technology innovations. For each component, there are two technologies with overlapping life cycles coexisting in the market. All cost parameters associated with each technology...

Deciding who should receive a mail-order catalog is among the most important decisions that mail-order-catalog firms must address. In practice, the current approach to the problem is invariably myopic: firms send catalogs to customers who they think are most likely to order from that catalog. In...

We introduce the time-consistency concept that is inspired by the so-called “principle of optimality” of dynamic programming and demonstrate – via an example – that the conditional value-at-risk (CVaR) need not be time-consistent in a multi-stage case. Then, we give the formulation of...

We introduce the time-consistency concept that is inspired by the so-called “principle of optimality” of dynamic programming and demonstrate – via an example – that the conditional value-at-risk (CVaR) need not be time-consistent in a multi-stage case. Then, we give the formulation of...

This paper considers two firms that engage in joint production. The prospect of repeated interaction introduces dynamics, in that actions that firms take today influence the costliness and effectiveness of actions in the future. Repeated interaction also facilitates the use of informal...