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Allocating funds to independent R&D projects is a problem of practical importance for many firms. We formulate the problem as a 0-1 integer programming problem with the objective of selecting projects that will maximize the anticipated dollar contract volume, yet not exceed cost budgets. Our...
This note describes a 5-person von Neumann-Morgenstern game which has a unique solution that is strictly larger than its core. This game provides a counterexample for the following two conjectures stated by L. S. Shapley in (Kuhn, H. W., ed. Report of an Informal Conference on the Theory of...
A car pool system is a closed transportation system where a number of care are assigned to ship goods from one source to any number of destinations. Such systems are common to all modes of transportation (surface, marine and air). In this paper descriptive mathematical models are developed for...
A finite horizon, periodic review, dynamic inventory model for a single item with a stockout constraint is considered in this paper, and the optimal ordering policy is obtained. The discrete case is dealt with, and linear purchase and holding costs are assumed together with a fixed order cost,...
A Pareto-optimal sequential dividend policy for a syndicate is obtained in a tractable special case. The relationship between the many-person and single-person problems is investigated, and it is shown that the group acts as though it were an individual with risk preferences and probability...
A branch and bound algorithm for solution of the “knapsack problem,” max ∑ v i x i where ∑ w i x i ≦ W and x i = 0, 1, is presented which can obtain either optimal or approximate solutions. Some characteristics of the algorithm are discussed and computational experience is presented....
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The general linear programming problem is considered in which the coefficients of the objective function to be maximized are assumed to be random variables with a known multinormal distribution. Three deterministic reformulations involve, respectively, maximizing the expected value, the...
This paper deals with the problem of price-fixing from the standpoint of an individual firm in a heterogeneous market. The elementary Amoroso-Robinson formula is generalized within a deterministic as well as a probabilistic set-up. In the probabilistic case it is shown that the price-solution...
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