A Decision Theoretic Solution for a Bidding-Work Loading Game

The extensive form of decision analysis is used to generate tables which permit a decision maker to determine an optimal course of action after making a simple calculation. Presentation of the partial solution permits substantial reduction in the volume of material which must be tabulated. Judicious...

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Bibliographic Details
Main Author: Tytula, Thomas P
Format: Report
Language:English
Subjects:
Administration and Management
BARGAINING
BIDDING
DECISION MAKING
DECISION THEORY
DISTRIBUTION FUNCTIONS
DYNAMIC PROGRAMMING
GAME THEORY
MATHEMATICAL MODELS
MATRICES(MATHEMATICS)
Operations Research
SCHEDULING
STATISTICAL ANALYSIS
TABLES(DATA)
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Summary:The extensive form of decision analysis is used to generate tables which permit a decision maker to determine an optimal course of action after making a simple calculation. Presentation of the partial solution permits substantial reduction in the volume of material which must be tabulated. Judicious choice of state relationships at each stage further decreases the volume, thus providing an example of how large scale decision problems can be made more tractable. The game, which constrains work capacity and permits interaction between years, is solved using expected increase in future assets as the decision variable.