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

Linos F. Frantzeskakis and Warren B. Powell
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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

Transportation Science, 1990, vol. 24, issue 1, 40-57

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.

Date: 1990
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