Fisherman’s relation are employed to study and develop the real-time mathematical model for group replacement decision making …

partially observable Markov decision process (APOMDP) framework, where dynamic optimization with respect to a “cloud” of …

In this note, I present a methodology that computes the value to a decision maker of a state variable in a Markov … decision process (MDP). I consider an MDP where the state is a vector comprised of multiple state variables, and state and … variable to a decision maker - how worse off she is if she employs the best policy that ignores the information provided by …

In many revenue management applications risk aversion is crucial. In dynamic decision problems it is challenging to … efficient dynamic programming approach to leverage mean variance optimization in discounted Markov decision processes with …

state of an underlying system. Partially Observable Markov Decision Processes (POMDPs) are widely used in such applications …. To use a POMDP, however, a decision-maker must have access to reliable estimations of core state and observation …-negative errors, and hence, the decision-maker has imperfect information about the health state of a patient. Furthermore, since some …