Stochastic Dynamic Location Analysis
This research introduces methods of stochastic decision processes into location analysis. The specific model concerns making dynamic relocation decisions for a new facility (server) that must interact with existing facilities (customers) whose relocations are stochastic processes. The model is an infinite-horizon Markov decision chain whose solution gives a server relocation policy that minimizes the expected discounted sum of costs. Costs are location-dependent and are incurred in two ways: when the server makes choice relocations and when the server interacts with customers. The model captures the essence of a variety of familiar dynamic location decision situations. Some methodological developments that allow solution of large problems are reported.
Year of publication: |
1978
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Authors: | Rosenthal, Richard E. ; White, John A. ; Young, Donovan |
Published in: |
Management Science. - Institute for Operations Research and the Management Sciences - INFORMS, ISSN 0025-1909. - Vol. 24.1978, 6, p. 645-653
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Publisher: |
Institute for Operations Research and the Management Sciences - INFORMS |
Saved in:
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