Search results for "Decision problem"
showing 10 items of 42 documents
Simultaneous optimization of harvest schedule and data quality
2015
In many recent studies, the value of forest inventory information in harvest scheduling has been examined. In a previous paper, we demonstrated that making measurement decisions for stands for which the harvest decision is uncertain simultaneously with the harvest decisions may be highly profitable. In that study, the quality of additional measurements was not a decision variable, and the only options were between making no measurements or measuring perfect information. In this study, we introduce data quality into the decision problem, i.e., the decisionmaker can select between making imperfect or perfect measurements. The imperfect information is obtained with a specific scenario tree fo…
Principles for Solving Sequential Multiple Criteria Decision Problems
1983
In this paper a sequential multiple criteria decision problem is studied. The problem arises, when a decision maker is unable to consider all possible decision alternatives simultaneously. If the decision maker evaluates only a subset of all decisions from among which he chooses the most preferred alternative, it is not necessarily 'globally' best. In this context an interesting question is, how good the most preferred alternative is and what the chances are of finding a better solution by considering additional alternatives. The principles of a an approach based on probability theory to solving this problem are described and illustrated with numerical examples.
Integrating Keyword Advertising and Dynamic Pricing for an Online Market Place
2014
Keyword Advertising is a main marketing instrument for e-commerce companies in order to generate traffic from search engines on their website. The costs for Keyword Advertising are determined in an auction that is conducted for every single search query, which is entered in by a user. In case of an online market place, each adlink provided by the search engine refers to an ordered list of products on the website of the online market place. Hereby, the price of the product is oftentimes one important criteria for the user when deciding for one or the other product from the list. However, existing models assume the price of products to be exogeneous. By taking into account the prices of linke…
Supporting public decision process in buildings energy retrofitting operations: the application of a Multiple Criteria Decision Aiding model to a cas…
2020
Abstract The challenge of promoting sustainable cities and reaching the objectives developed by the European Green Deal includes the renovation of the building sector, as it is responsible for 40% of energy consumption in Europe. Regional or local public administrations have to allocate their financial resources for improving the energy performances of their building stock and to face a multidimensional problem, where different aspects – such as energy efficiency, financial-economic feasibility and environmental protection – have to be harmonized. The present study proposes a Multiple Criteria Decision Aiding model, which includes the ELECTRE TRI-nC method, for supporting the public decisio…
Fuzzy Mathematical Programming for Portfolio Management
2000
The classical portfolio selection problem was formulated by Markowitz in the 1950s as a quadratic programming problem in which the risk variance is minimized. Since then, many other models have been considered and their associated mathematical programming formulations can be viewed as dynamic, stochastic or static decision problems. In our opinion, the model formulation depends essentially on two factors: the data nature and the treatment given to the risk and return goals. In this communication, we consider several approaches to deal with the data uncertainty for different classical formulations of the portfolio problem. We make use of duality theory and fuzzy programming techniques to ana…
Further Developments and Tests of a Progressive Algorithm for Multiple Criteria Decision Making
1993
P. Korhonen, H. Moskowitz, and J. Wallenius (1986) developed a progressive algorithm and the supporting theory for modeling and solving multiple criteria decision problems with discrete alternatives. A special feature of the algorithm is that it relaxes the usual assumption of a fixed set of available decision alternatives and complete knowledge of a decision maker's (DM's) preference structure or value function. The algorithm is based on progressively sampling the decision space, obtaining preference information from the DM, determining the likelihood of finding possibly/surely better alternatives, and based on this information, continuing the search or terminating it by making the final …
Deriving Reference Decisions
1998
To solve a statistical decision problem from a Bayesian viewpoint, the decision maker must specify a probability distribution on the parameter space, his prior distribution. In order to analyze the influence of this prior distribution on the solution of the problem, Bernardo (1981) proposed to compare the results with those that one would obtain by using that prior distribution which maximizes the useful experimental information, thus introducing the concept of reference decision. This definition is too involved for most of the problems usually found in practice. Here we analyze situations in which it is possible to simplify the definition of the reference decision, and we provide condition…
Analisis bayesiano de los contrastes de hipotesis parametricos
1985
Classical solutions to parametric hypothesis testing are shown to be particular instances of the Bayesian solution to a decision problem with two alternatives, in which the increase in utility for rejecting a false null is a linear function of the discrepancy between the accepted parametric model and the more likely model under the null.
Energy consumption model of aerial urban logistic infrastructures
2021
In the last decade, logistic systems based on small aerial vehicles (drones) have become attractive for urban delivery operations as a sustainable alternative to ground vehicles because they are not affected by the congestion of the road network, thus allowing for faster and more reliable services. Aerial logistic systems, however, require a substantially different approach to operations management and need specifically designed supportive infrastructures. While the research on urban aerial delivery mostly focuses on the optimization vehicle operations, the appropriate design of supportive infrastructures is seldom considered. This paper focuses on the energy efficiency of aerial logistic s…
Visualizations for Decision Support in Scenario-based Multiobjective Optimization
2021
Reproducibility artifacts for: Babooshka Shavazipour, Manuel López-Ibáñez, and Kaisa Miettinen. Visualizations for Decision Support in Scenario-based Multiobjective Optimization. Information Sciences, 2021. doi:10.1016/j.ins.2021.07.025. Abstract: We address challenges of decision problems when managers need to optimize several conflicting objectives simultaneously under uncertainty. We propose visualization tools to support the solution of such scenario-based multiobjective optimization problems. Suitable graphical visualizations are necessary to support managers in understanding, evaluating, and comparing the performances of management decisions according to all objec…