Rank-based selection strategies for the random walk process

Article Abstract:

A large number of choices in the random walk process does not guarantee the successful selection of the best, with the asymptotic probability of selecting the best placed at zero. A rank-based selection strategy which maximizes the probability of selecting the maximum or minimum in the random walk process is proposed. It is shown that the first and last observations in the sequence have the highest likelihood of being the maximum or minimum.

Methods, Analysis, Random walks (Mathematics), Random walk theory, Ranking and selection (Statistics)

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Determining the optimal warranty price based on the producer's and customers' risk preferences

Article Abstract:

The problem of finding the optimal warranty price for a free-replacement, fixed-period warranty policy for a certain warranty period is investigated. Specifically, a decision model for maximizing the manufacturer's profit equivalent is developed based on the producer's and customers' risk preferences, their views on product failure rate, the customer's loyalty to the producer in repairs, and the customers' repair price.

Warranty, Product liability, Risk management, Products liability

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Selecting the best choice in the weighted secretary problem

Article Abstract:

The determination of an optimal choice is the solution to the weighted secretary problem, an example of the sequential evaluation and selection problem with n applicants. To obtain it, the problem is formulated in a dynamic programming context and a selection procedure based on the Markov decision process is developed. Likewise, a scheme based on pairwise comparison matrix and goal programming is also developed.

Operations research, Management science, Case studies, Dynamic programming, Search theory

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