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| Author: | Papastravrou, J. Rajagopalan, S. Kleywegt, A. |
| Title: | The dynamic and stochastic knapsack problem with deadlines |
| Journal: | Management Science
1996 : DEC, VOL. 42:12, p. 1707-1718 |
| Index terms: | LINEAR PROGRAMMING DYNAMIC MODELS MANAGEMENT |
| Language: | eng |
| Abstract: | In this paper a dynamic and stochastic model of the well-known knapsacks problem is developed and analyzed. The problem is motivated by a wide variety of real-world applications. Objects of random weight and reward arrive according to a stochastic process in time. The weights and rewards associated with the objects are distributed according to a known probability distribution. Each object can either be accepted to be loaded into the knapsack, of known weight capacity, or be rejected. The objective is to determine the optimal policy for loading the knapsack within a fixed time horizon so as to maximize the expected accumulated reward. |
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