A fundamental alternative for stochastic optimization problems named focus programming is proposed based on the focus theory of choice. Different from the existing approaches such as chance-constrained programming and two-stage stochastic programming which are based on expected utility theory,...

Static stochastic optimization problems are formulated with the focus theory of choicein which instead of using the expected utility in the existing approaches, the optimal solution isdetermined as per which solution’s focus (the most salient realization of a random vector) is the...