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A general markov decision method II: Applications

Published online by Cambridge University Press:  01 July 2016

G. De Leve ,
A. Federgruen  and
H. C. Tijms
G. De Leve
Affiliation:
Mathematisch Centrum, Amsterdam
A. Federgruen
Affiliation:
Mathematisch Centrum, Amsterdam
H. C. Tijms
Affiliation:
Mathematisch Centrum, Amsterdam
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Abstract

In a preceding paper [2] we have introduced a new approach for solving a wide class of Markov decision problems in which the state-space may be general and the system may be continuously controlled. The criterion is the average cost. This paper discusses two applications of this approach. The first application concerns a house-selling problem in which a constructor builds houses which may be sold at any stage of the construction and potential customers make offers depending on the stage of the construction. The second application considers an M/M/c queueing problem in which the number of operating servers can be controlled by turning servers on or off.

Keywords

MARKOV DECISION PROBLEMSAVERAGE COSTGENERAL STATE SPACECONTINUOUS CONTROLAPPLICATIONSHOUSE-SELLING PROBLEMM/M/C QUEUEING PROBLEM WITH VARIABLE NUMBER OF SERVERS
Type
Research Article
Information
Advances in Applied Probability , Volume 9 , Issue 2 , June 1977 , pp. 316 - 335
Copyright
Copyright © Applied Probability Trust 1977 

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References

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