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On solutions that are better than most

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  • Baum, Sanford
  • Carlson, Robert

Abstract

A programmatic approach to solving decision problems by the use of 'better than most' (BTM) solutions is introduced. The BTM approach is contrasted to approaches that seek a solution whose outcome would be the best of all outcomes for feasible solutions, again according to criteria taken to represent the decision maker's objectives. This BTM approach is illustrated in terms of a decision problem in binary decision variables. This is followed by a discussion of (1) some of the probabilistic aspects of BTM solutions, including calculational experience, (2) a central BTM problem, akin to the problem of finding optimal methods in the more traditional approaches, (3) some ad hoc methods for overcoming this and other problems associated with the BTM approach, and (4) similarities and differences between the BTM approach and other approaches.

Suggested Citation

  • Baum, Sanford & Carlson, Robert, 1979. "On solutions that are better than most," Omega, Elsevier, vol. 7(3), pages 249-255.
    • Handle: RePEc:eee:jomega:v:7:y:1979:i:3:p:249-255
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    Cited by:

    1. Richard L Church & Carlos A Baez, 2020. "Generating optimal and near-optimal solutions to facility location problems," Environment and Planning B, , vol. 47(6), pages 1014-1030, July.
    2. E A Silver, 2004. "An overview of heuristic solution methods," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 55(9), pages 936-956, September.

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