IDEAS home Printed from https://ideas.repec.org/a/inm/ormnsc/v21y1974i1p60-67.html
   My bibliography  Save this article

Optimal Sequential Assignments with Random Arrival Times

Author

Listed:
  • S. Christian Albright

    (Indiana University)

Abstract

A problem is considered where jobs arrive at random times and assume random values, or importance. These must be assigned to a fixed set of men whose qualities are different but known. As each job arrives, its value is observed and the decision-maker must decide which man, if any, to assign to this job. If a job arrives at time t and its value is observed to be x, then by assigning man i with quality p i , a reward r(t)p i x is received, where r(t) is a discount function. The object is to find an assignment policy which maximizes the expected reward from the available men. The problem is analyzed for different arrival distributions and for different discount functions, but in all cases, the optimal policies are shown to have fairly simple forms, independent of the actual qualities of the men, the p i 's. Other interpretations of the model, besides the men and jobs interpretation, are also given. The paper concludes with a similar model which does not, however, include time as an explicit parameter.

Suggested Citation

  • S. Christian Albright, 1974. "Optimal Sequential Assignments with Random Arrival Times," Management Science, INFORMS, vol. 21(1), pages 60-67, September.
  • Handle: RePEc:inm:ormnsc:v:21:y:1974:i:1:p:60-67
    as

    Download full text from publisher

    File URL: http://dx.doi.org/10.1287/mnsc.21.1.60
    Download Restriction: no

    References listed on IDEAS

    as
    1. Jacob A. Mincer & Victor Zarnowitz, 1969. "The Evaluation of Economic Forecasts," NBER Chapters,in: Economic Forecasts and Expectations: Analysis of Forecasting Behavior and Performance, pages 3-46 National Bureau of Economic Research, Inc.
    2. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 19(1), pages 3-3, February.
    3. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 20(1), pages 3-3, May.
    4. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 21(1), pages 3-3, August.
    5. J. G. Cragg & Burton G. Malkiel, 1968. "The Consensus And Accuracy Of Some Predictions Of The Growth Of Corporate Earnings," Journal of Finance, American Finance Association, vol. 23(1), pages 67-84, March.
    6. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 22(1), pages 3-3, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dirk Bergemann & Maher Said, 2010. "Dynamic Auctions: A Survey," Cowles Foundation Discussion Papers 1757, Cowles Foundation for Research in Economics, Yale University.
    2. David, Israel & Levi, Ofer, 2004. "A new algorithm for the multi-item exponentially discounted optimal selection problem," European Journal of Operational Research, Elsevier, vol. 153(3), pages 782-789, March.
    3. repec:pal:jorsoc:v:59:y:2008:i:12:d:10.1057_palgrave.jors.2602518 is not listed on IDEAS
    4. Yizhaq Minchuk & Aner Sela, 2015. "Asymmetric Sequential Search under Incomplete Information," Working Papers 1510, Ben-Gurion University of the Negev, Department of Economics.
    5. Moldovanu, Benny & Dizdar, Deniz & Gershkov, Alex, 2011. "Revenue maximization in the dynamic knapsack problem," Theoretical Economics, Econometric Society.
    6. Gershkov, Alex & Moldovanu, Benny, 2010. "Efficient sequential assignment with incomplete information," Games and Economic Behavior, Elsevier, vol. 68(1), pages 144-154, January.
    7. Alex Gershkov & Benny Moldovanu, 2007. "Dynamic Assignment of Heterogeneous Objects: A Mechanism Design Approach," Levine's Working Paper Archive 843644000000000381, David K. Levine.
    8. Gershkov, Alex & Moldovanu, Benny, 2007. "The Dynamic Assignment of Heterogenous Objects: A Mechanism Design Approach," CEPR Discussion Papers 6439, C.E.P.R. Discussion Papers.
    9. Anna Krasnosielska-Kobos & Elżbieta Ferenstein, 2013. "Construction of Nash Equilibrium in a Game Version of Elfving’s Multiple Stopping Problem," Dynamic Games and Applications, Springer, vol. 3(2), pages 220-235, June.
    10. Francis Bloch & Nicolas Houy, 2012. "Optimal assignment of durable objects to successive agents," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 51(1), pages 13-33, September.
    11. Sofronov, Georgy, 2013. "An optimal sequential procedure for a multiple selling problem with independent observations," European Journal of Operational Research, Elsevier, vol. 225(2), pages 332-336.
    12. Hak Chun, Young, 1996. "Selecting the best choice in the weighted secretary problem," European Journal of Operational Research, Elsevier, vol. 92(1), pages 135-147, July.
    13. David, Israel & Levi, Ofer, 2001. "Asset-selling problems with holding costs," International Journal of Production Economics, Elsevier, vol. 71(1-3), pages 317-321, May.
    14. Minchuk, Yizhaq & Sela, Aner, 2015. "Asymmetric Sequential Search under Incomplete Information," CEPR Discussion Papers 10579, C.E.P.R. Discussion Papers.
    15. Gershkov, Alex & Moldovanu, Benny, 2012. "Dynamic allocation and pricing: A mechanism design approach," International Journal of Industrial Organization, Elsevier, vol. 30(3), pages 283-286.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:21:y:1974:i:1:p:60-67. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mirko Janc). General contact details of provider: http://edirc.repec.org/data/inforea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.