Combining overlapping information
Article Abstract:
Decision-makers wishing to learn about an uncertain quantity may receive different information from a number of experts. The decision-maker's difficulty in aggregating this data is examined as it relates to the need to form posterior distribution when the experts' opinions are believed to be dependent due to shared information. Examples in both Bernoulli and normal frameworks reveal some surprising general insights on the effect of dependence on posterior distribution. There are significant implications for practitioners facing real-world aggregation challenges and for groups of experts seeking to build consensus.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1987
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Optimal average cost policies for the two-terminal shuttle
Article Abstract:
Optimal average cost policies for both limited and infinite capacity shuttles between two transportation terminals are calculated, and the methodology for making the calculations explained. The best operating policy under a fairly general cost structure is a monotone decreasing function of the number of waiting passengers at each terminal. A linear programming algorithm is presented for determining the approximate optimal policy for the finite capacity case. Examples of the algorithms are provided.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1987
User Contributions:
Comment about this article or add new information about this topic:
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