ISSN:
1540-5915
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
In this paper an alternative to, or extension of, the chance-constrained method of stochastic programming is presented whereby an expected cost of infeasibility is included in the objective function. The problem is to select a solution to implement before the available resources are known where the adaption of a non-feasible solution to the resources available involves a system cost. While increasing the amount of computation required, the model enables the decision maker to more effectively trade off increased payoff for decreased likelihood of feasibility.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1540-5915.1979.tb00003.x