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Part I of this paper has described a new theory for the analysis of games with incomplete information. It has been shown that, if the various players' subjective probability distributions satisfy a certain mutual-consistency requirement, then any given game with incomplete information will be...
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Problems of multi-stage decision under uncertainty are usually classified into “stochastic” and “adaptive” ones, depending on whether the decision maker does or does not know the relevant probability distribution. If the Bayesian approach is taken, then, in the adaptive case, the decision...
This paper establishes some asymptotic properties of the finite state and action space Markovian decision model. For the discounted case, a turnpike theorem is proven which states that an optimal immediate decision when the planning horizon is sufficiently large is to choose one of the decisions...
The nuclide generator is a radioactive element of long half life which is used to produce a short-lived daughter, or decay product, useful in medical diagnosis. This paper discusses the inventory problem for such exponentially decaying substances. Methods are proposed for finding the optimizing...
This paper demonstrates the equivalence of several published algorithms for solving the so-called linear fractional programming problem.
Utility theory is interested in people's preferences or values and with assumptions about a person's preferences that enable them to be represented in numerically useful ways. The first two sections of this paper say more about what utility is, why people are interested in it, and how it is...
In a previous paper (Avriel, M., D. J. Wilde. 1966. Optimal search for a maximum with sequences of simultaneous function evaluations. Management Sci. 12 722.), the authors presented the minimax block search strategy for locating the maximum of unimodal functions of one variable by a sequence of...
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