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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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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description 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.
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subjects Computational Intelligence
Mathematics
Mathematics and Statistics
Numerical and Computational Physics
Operations Research/Decision Theory
Optimization
Original Paper
Simulation
title A single-resource allocation problem with Poisson resource requirements
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