Stochastic optimization of reservation systems

Stochastic optimization of reservation systems

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Article ID: iaor1993753
Country: Netherlands
Volume: 51
Issue: 3
Start Page Number: 327
End Page Number: 337
Publication Date: Apr 1991
Journal: European Journal of Operational Research
Authors: ,
Keywords: service, programming: dynamic
Abstract:

An optimal access strategy for managing reservation systems with Poisson arrivals is studied. In this strategy, the requests of service are accepted selectively with the aim to maximize the expected system utilization (stochastic optimization). A dynamic programming approach is used to solve the problem. Explicit decision rules are derived for the optimal selection of requests. Conparisons are made with a nonoptimized system as well as with a stronger optimum based on complete knowledge of all the requests to be made. Sensitivity of the stochastic optimization to variations in assumed parameters is also considered.

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