Lancaster EPrints

Spinning plates and squad systems- policies for bi-directional restless bandits.

Glazebrook, Kevin and Kirkbride, C. and Ruiz-Hernandez, D. (2006) Spinning plates and squad systems- policies for bi-directional restless bandits. Advances in Applied Probability, 38 (1). pp. 95-115. ISSN 1475-6064

Full text not available from this repository.

Abstract

This paper concerns two families of Markov decision problem that fall within the family of (bi-directional) restless bandits, an intractable class of decision processes introduced by Whittle. The spinning plates problem concerns the optimal management of a portfolio of reward-generating assets whose yields grow with investment but otherwise tend to decline. In the model of asset exploitation called the squad system, the yield from an asset tends to decline when it is used but will recover when the asset is at rest. In all cases, simply stated conditions are given that guarantee indexability of the problem, together with conditions necessary and sufficient for its strict indexability. The index heuristics for asset activation that emerge from the analysis are assessed numerically and found to perform very strongly.

Item Type: Article
Journal or Publication Title: Advances in Applied Probability
Additional Information: RAE_import_type : Journal article RAE_uoa_type : Statistics and Operational Research
Subjects: Q Science > QA Mathematics
Departments: Faculty of Science and Technology > Mathematics and Statistics
ID Code: 2425
Deposited By: ep_importer
Deposited On: 31 Mar 2008 13:20
Refereed?: Yes
Published?: Published
Last Modified: 26 Jul 2012 16:23
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/2425

Actions (login required)

View Item