How do people make choices in a dynamic stochastic environment when they face uncertainty about the return of their choices? The classical approach to this problem is to assume consumers use dynamic programming to obtain the optimal decision rule. However, this approach has two drawbacks. First,...

Iterated Local Search (ILS) has many of the desirable features of a metaheuristic: it is simple, easy to implement, robust, and highly effective. The essential idea of ILS lies in focusing the search not on the full space of solutions but on a smaller subspace defined by the solutions that are...