A single-resource allocation problem with Poisson resource requirements

We consider a stochastic resource allocation problem that generalizes the knapsack problem to account for random item weights that follow a Poisson distribution. When the sum of realized weights exceeds capacity, a penalty cost is incurred. We wish to select the items that maximize expected profit....

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Bibliographic Details
Published in:Optimization letters 2009, Vol.3 (4), p.559-571
Main Authors: Ağralı, Semra, Geunes, Joseph
Format: Article
Language:English
Subjects:
Computational Intelligence
Mathematics
Mathematics and Statistics
Numerical and Computational Physics
Operations Research/Decision Theory
Optimization
Original Paper
Simulation
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Summary:We consider a stochastic resource allocation problem that generalizes the knapsack problem to account for random item weights that follow a Poisson distribution. When the sum of realized weights exceeds capacity, a penalty cost is incurred. We wish to select the items that maximize expected profit. We provide an effective solution method and illustrate the advantages of this approach via computational experiments.
ISSN:1862-4472
1862-4480
DOI:10.1007/s11590-009-0135-8