English, Article edition: CORRELATIONS IN STOCHASTIC PROGRAMMING: A CASE FROM STOCHASTIC SERVICE NETWORK DESIGN ARNT-GUNNAR LIUM; TEODOR GABRIEL CRAINIC; STEIN W. WALLACE

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Bookmark: http://trove.nla.gov.au/version/131771
Physical Description
  • article
Language
  • English

Edition details

Title
  • CORRELATIONS IN STOCHASTIC PROGRAMMING: A CASE FROM STOCHASTIC SERVICE NETWORK DESIGN
Author
  • ARNT-GUNNAR LIUM
  • TEODOR GABRIEL CRAINIC
  • STEIN W. WALLACE
Physical Description
  • article
Notes
  • Deterministic models, even if used repeatedly, will not capture the essence of planning in an uncertain world. Flexibility and robustness can only be properly valued in models that use stochastics explicitly, such as stochastic optimization models. However, it may also be very important to capture how the random phenomena are related to one another. In this article we show how the solution to a stochastic service network design model depends heavily on the correlation structure among the random demands. The major goal of this paper is to discuss why this happens, and to provide insights into the effects of correlations on solution structures. We illustrate by an example.
  • Stochastic programming, service network design, correlations, flexibility, robustness, solution structure
  • RePEc:wsi:apjorx:v:24:y:2007:i:02:p:161-179
Language
  • English
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