Approximation algorithms

Thursday, October 4, 2018 - 9:45am - 10:30am
Huseyin Topaloglu (Cornell University)
We present an approximation algorithm for network revenue management problems. In our approximation algorithm, we construct an approximate policy using value function approximations that are expressed as linear combinations of basis functions. We use a backward recursion to compute the coefficients of the basis functions in the linear combinations. If each product uses at most L resources, then the total expected revenue obtained by our approximate policy is at least 1/(1+L) of the optimal total expected revenue.
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