A Tie-Breaking Rule for Discrete Infinite Horizon Optimization

Sarah M. Ryan, James C. Bean and Robert L. Smith
Additional contact information
Sarah M. Ryan: Eastman Chemical Company, Kingsport, Tennessee
James C. Bean: The University of Michigan, Ann Arbor, Michigan
Robert L. Smith: The University of Michigan, Ann Arbor, Michigan

Operations Research, 1992, vol. 40, issue 1-supplement-1, S117-S126

Abstract: We study discrete infinite horizon optimization problems without the common assumption of a unique optimum. A method based on solution set convergence is employed for finding optimal initial decisions by solving finite horizon problems. This method is applicable to general discrete decision models that satisfy a weak reachability condition. The algorithm, together with a stopping rule, is applied to production planning and capacity expansion, and computational results are reported.

Keywords: dynamic programming; deterministic: infinite horizon optimization; facilities/equipment planning; capacity expansion: infinite horizon models (search for similar items in EconPapers)
Date: 1992
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