Stochastic optimization of reservation systems

Jorma Virtamo, Samuli Aalto

Research output: Contribution to journalArticleScientificpeer-review

9 Citations (Scopus)

Abstract

An optimal access strategy for managing reservation systems with Poisson arrivals is studied. In this strategy, the requests of service are accepted selectively with the aim to maximize the expected system utilization (stochastic optimization). A dynamic programming approach is used to solve the problem. Explicit decision rules are derived for the optimal selection of requests. Comparisons are made with a nonoptimized system as well as with a stronger optimum based on complete knowledge of all the requests to be made. Sensitivity of the stochastic optimization to variations in assumed parameters is also considered.
Original languageEnglish
Pages (from-to)327-337
JournalEuropean Journal of Operational Research
Volume51
Issue number9
DOIs
Publication statusPublished - 1991
MoE publication typeA1 Journal article-refereed

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Reservation systems
Reservation
Stochastic Optimization
Dynamic programming
Decision Rules
Dynamic Programming
Siméon Denis Poisson
Maximise
Stochastic optimization
Strategy

Cite this

Virtamo, Jorma ; Aalto, Samuli. / Stochastic optimization of reservation systems. In: European Journal of Operational Research. 1991 ; Vol. 51, No. 9. pp. 327-337.
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Stochastic optimization of reservation systems. / Virtamo, Jorma; Aalto, Samuli.

In: European Journal of Operational Research, Vol. 51, No. 9, 1991, p. 327-337.

Research output: Contribution to journalArticleScientificpeer-review

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AU - Virtamo, Jorma

AU - Aalto, Samuli

N1 - LIS: A1 CA: TEL Project code: TEL9035

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AB - An optimal access strategy for managing reservation systems with Poisson arrivals is studied. In this strategy, the requests of service are accepted selectively with the aim to maximize the expected system utilization (stochastic optimization). A dynamic programming approach is used to solve the problem. Explicit decision rules are derived for the optimal selection of requests. Comparisons are made with a nonoptimized system as well as with a stronger optimum based on complete knowledge of all the requests to be made. Sensitivity of the stochastic optimization to variations in assumed parameters is also considered.

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DO - 10.1016/0377-2217(91)90308-I

M3 - Article

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EP - 337

JO - European Journal of Operational Research

JF - European Journal of Operational Research

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