IDEAS home Printed from https://ideas.repec.org/a/inm/ormnsc/v39y1993i7p900-913.html
   My bibliography  Save this article

An Algebraic Approach to Formulating and Solving Large Models for Sequential Decisions Under Uncertainty

Author

Listed:
  • Craig W. Kirkwood

    (Department of Decision and Information Systems, Arizona State University, Tempe, Arizona 85287-4206)

Abstract

This article presents an algebraic approach to formulating and solving large models for sequential decisions under uncertainty. With this approach, decision analysis optimization methods can be applied to complex decision problems which are generally analyzed in management science practice using heuristics. Using the approach, a decision problem is formulated in terms of decision variables, random variables, and functions relating these variables. This leads to a compact representation, and a simple algorithm can be used to quickly solve algebraic models that would have decision trees with several hundred thousand endpoints. An application to research and development planning illustrates the usefulness of such large sequential decision models.

Suggested Citation

  • Craig W. Kirkwood, 1993. "An Algebraic Approach to Formulating and Solving Large Models for Sequential Decisions Under Uncertainty," Management Science, INFORMS, vol. 39(7), pages 900-913, July.
    • Handle: RePEc:inm:ormnsc:v:39:y:1993:i:7:p:900-913
    DOI: 10.1287/mnsc.39.7.900
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/mnsc.39.7.900
    Download Restriction: no
    File URL: https://libkey.io/10.1287/mnsc.39.7.900?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Concha Bielza & Prakash P. Shenoy, 1999. "A Comparison of Graphical Techniques for Asymmetric Decision Problems," Management Science, INFORMS, vol. 45(11), pages 1552-1569, November.
    2. Borgonovo, Emanuele & Marinacci, Massimo, 2015. "Decision analysis under ambiguity," European Journal of Operational Research, Elsevier, vol. 244(3), pages 823-836.
    3. Prakash Shenoy, 1998. "Game Trees For Decision Analysis," Theory and Decision, Springer, vol. 44(2), pages 149-171, April.
    4. Demirer, Riza & Shenoy, Prakash P., 2006. "Sequential valuation networks for asymmetric decision problems," European Journal of Operational Research, Elsevier, vol. 169(1), pages 286-309, February.
    5. Shenoy, Prakash P., 2000. "Valuation network representation and solution of asymmetric decision problems," European Journal of Operational Research, Elsevier, vol. 121(3), pages 579-608, March.
    6. Ruth Y. Dicdican & Yacov Y. Haimes, 2005. "Relating multiobjective decision trees to the multiobjective risk impact analysis method," Systems Engineering, John Wiley & Sons, vol. 8(2), pages 95-108.
    7. Guo, Rui & Shenoy, Prakash P., 1996. "A note on Kirkwood's algebraic method for decision problems," European Journal of Operational Research, Elsevier, vol. 93(3), pages 628-638, September.
    8. Borgonovo, Emanuele & Tonoli, Fabio, 2014. "Decision-network polynomials and the sensitivity of decision-support models," European Journal of Operational Research, Elsevier, vol. 239(2), pages 490-503.
    9. Haoying Han & Shih-Kung Lai, 2011. "Decision Network: A Planning Tool for Making Multiple, Linked Decisions," Environment and Planning B, , vol. 38(1), pages 115-128, February.
    10. Beroggi, Giampiero E. G., 2001. "Visual-interactive decision modeling (VIDEMO) in policy management: Bridging the gap between analytic and conceptual decision modeling," European Journal of Operational Research, Elsevier, vol. 128(2), pages 338-350, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:39:y:1993:i:7:p:900-913. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.