Optimization of an agent-based simulation (ABS) bears specific challenges. It is demonstrated in this paper that mainstream simulation-based optimization (SBO) approaches often do not perform well in such a setting, sometimes hardly outperforming a mere random search. Two new algorithms for SBO...

In practice, human-decision makers often feel uncomfortable with the risk-neutral revenue management systems' output. Reasons include a low number of repetitions of similar events, a critical impact of the achieved revenue for economic survival, or simply business constraints imposed by...