Stochastic Depletion Problems: Effective Myopic Policies for a Class of Dynamic Optimization Problems
Stochastic Depletion Problems: Effective Myopic Policies for a Class of Dynamic Optimization Problems
This paper presents a general class of dynamic stochastic optimization problems we refer to as stochastic depletion problems. A number of challenging dynamic optimization problems of practical interest are stochastic depletion problems. Optimal solutions for such problems are difficult to obtain, both from a pragmatic computational perspective as well as …