We demonstrate that lottery markets can exhibit the “hot-hand” phenomenon, in which past winning numbers tend to receive a greater share of the bets in future draws, even though past and future events are independent. This finding is surprising, as works by Clotfelter and Cook (1993) and...

This paper deals with the modeling of stochastic processes in long-term multi-stage energy planning problems when little information is available on the degree of uncertainty of such processes. Starting from simple estimates of variation intervals for uncertain parameters, such as energy demands...

We study the design of a healthcare appointment system with a single physician and a group of patients whose service durations are stochastic. The challenge is to find the optimal arrival sequence for a group of mixed patients such that the total expected cost of patient waiting time and...

In this paper, we investigate a stochastic appointment scheduling problem in an outpatient clinic with a single doctor. The number of patients and their sequence of arrivals are fixed, and the scheduling problem is to determine an appointment time for each patient. The service durations of the...