A new algorithm for optimally balancing assembly lines is formulated and tested. Named "FABLE," it obtains proven optimal solutions for ten 1000 task lines, which each possess the computationally favorable conditions of an average of at least 6 tasks per work station and a small number of...

In the energy markets, in particular the electricity and natural gas markets, many contracts incorporate flexibility-of-delivery options known as "swing" or "take-or-pay" options. Subject to daily as well as periodic constraints, these contracts permit the option holder to repeatedly exercise...

This paper presents an inventory-control model which includes a Markovian model of the supply system. As that system evolves over time, so do the replenishment leadtimes. The optimal policy has the same structure as in standard models, but its parameters change dynamically to reflect current...

Many practical problems involve making optimal decisions for systems with state characterized by many components. These problems lead to dynamic programming problems with a very large number of state variables. Thus, an exact derivation of the optimal policy for such problems is not feasible to...

This paper employs numerical simulations to compare the relative performance of linear contracts with piecewise-linear-threshold contracts in the case where the agent chooses actions over time. These contracts are restricted to be functions of the ending value of aggregate output. We find strong...

No abstract available.

The only therapy for a patient with end-stage liver disease (ESLD) is liver transplantation, which is performed by using either a cadaveric liver from a deceased donor or a portion of a living-donor's liver. This study addresses the following decision problem for an ESLD patient with an...

In my recent paper "A Minimax Ordering Policy for the Infinite Stage Dynamic Inventory Problem," Management Sci., Vol. 24, No. 11 (July 1978), pp. 1138-1145, I noticed some errors in the proof of Theorem A.5 in the Appendix which made the proof somewhat incomplete. I have given below a correct...

In this paper we present a Nash dynamic game model of interactions among oil inventory and tariff policies for oil importing countries. The inventory policies consist of the rates for building up and drawing down strategic oil reserves, while the tariff policies consist of setting tariffs as a...

This paper was motivated by an observation in an international airport with regard to allocation of resources for check-in counters. In an exclusive check-in counter system, each flight has a dedicated number of counters that will be open until at least a half-hour before the scheduled departure...