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A Successive Linear Approximation Procedure for Stochastic, Dynamic Vehicle Allocation Problems

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  • Linos F. Frantzeskakis

    (Department of Civil Engineering and Operations Research, Princeton University, Princeton, New Jersey 08544)

  • Warren B. Powell

    (Department of Civil Engineering and Operations Research, Princeton University, Princeton, New Jersey 08544)

Abstract

The Stochastic Dynamic Vehicle Allocation problem involves managing a fleet of vehicles over time in an uncertain demand environment to maximize expected total profits. The problem is formulated as a Stochastic Programming problem. A new heuristic algorithm is developed and is contrasted to various deterministic approximations. The paper presents computational results that were obtained by employing a Rolling Horizon Procedure to simulate the operation of the truckload carrier. Results indicate the superiority of the new algorithm over other approaches tested.

Suggested Citation

  • Linos F. Frantzeskakis & Warren B. Powell, 1990. "A Successive Linear Approximation Procedure for Stochastic, Dynamic Vehicle Allocation Problems," Transportation Science, INFORMS, vol. 24(1), pages 40-57, February.
    • Handle: RePEc:inm:ortrsc:v:24:y:1990:i:1:p:40-57
    DOI: 10.1287/trsc.24.1.40
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