Evaluating the effect of sub-optimality

Y. Gerchak; D. Smirnov

doi:10.1016/j.orl.2014.08.003

Evaluating the effect of sub-optimality

Y. Gerchak, D. Smirnov

Research output: Contribution to journal › Article › Academic › peer-review

4 Citations (Scopus)

Abstract

Comparison of a sub-optimal solution with an optimal, possibly time-consuming to find, solution has crucial importance in Operations Management. In this note, we highlight the potential underestimation of the effect of sub-optimality in recent studies and propose to use an alternative measure for comparing the quality of optimal solutions with sub-optimal ones. We give examples from the realm of Inventory Pooling and the “Price of Anarchy” in supply chains.

Original language	English
Pages (from-to)	455-457
Journal	Operations Research Letters
Volume	42
Issue number	6-7
DOIs	https://doi.org/10.1016/j.orl.2014.08.003
Publication status	Published - 2014
Externally published	Yes

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10.1016/j.orl.2014.08.003

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title = "Evaluating the effect of sub-optimality",

abstract = "Comparison of a sub-optimal solution with an optimal, possibly time-consuming to find, solution has crucial importance in Operations Management. In this note, we highlight the potential underestimation of the effect of sub-optimality in recent studies and propose to use an alternative measure for comparing the quality of optimal solutions with sub-optimal ones. We give examples from the realm of Inventory Pooling and the “Price of Anarchy” in supply chains.",

author = "Y. Gerchak and D. Smirnov",

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AU - Smirnov, D.

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AB - Comparison of a sub-optimal solution with an optimal, possibly time-consuming to find, solution has crucial importance in Operations Management. In this note, we highlight the potential underestimation of the effect of sub-optimality in recent studies and propose to use an alternative measure for comparing the quality of optimal solutions with sub-optimal ones. We give examples from the realm of Inventory Pooling and the “Price of Anarchy” in supply chains.

U2 - 10.1016/j.orl.2014.08.003

DO - 10.1016/j.orl.2014.08.003

M3 - Article

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VL - 42

SP - 455

EP - 457

JO - Operations Research Letters

JF - Operations Research Letters

IS - 6-7

ER -

Evaluating the effect of sub-optimality

Abstract

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