Linear programming formulation for non-stationary, finite-horizon Markov decision process models

2017 ◽  
Vol 45 (6) ◽  
pp. 570-574 ◽  
Author(s):  
Arnab Bhattacharya ◽  
Jeffrey P. Kharoufeh
Keyword(s):  
Linear Programming ◽  
Markov Decision Process ◽  
Decision Process ◽  
Finite Horizon ◽  
Process Models ◽  
Programming Formulation ◽  
Markov Decision ◽  
Linear Programming Formulation

scholarly journals Finding the K best policies in a finite-horizon Markov decision process

2006 ◽  
Vol 175 (2) ◽  
pp. 1164-1179 ◽  
Author(s):  
Lars Relund Nielsen ◽  
Anders Ringgaard Kristensen
Keyword(s):  
Markov Decision Process ◽  
Decision Process ◽  
Finite Horizon ◽  
Markov Decision

scholarly journals Risk aversion and risk seeking in multicriteria forest management: a Markov decision process approach

2017 ◽  
Vol 47 (6) ◽  
pp. 800-807 ◽  
Author(s):  
Joseph Buongiorno ◽  
Mo Zhou ◽  
Craig Johnston
Keyword(s):  
Risk Aversion ◽  
Markov Decision Process ◽  
Decision Process ◽  
Weighted Average ◽  
Basal Area ◽  
Risk Attitude ◽  
Expected Value ◽  
Process Models ◽  
Risk Seeking ◽  
Markov Decision

Markov decision process models were extended to reflect some consequences of the risk attitude of forestry decision makers. One approach consisted of maximizing the expected value of a criterion subject to an upper bound on the variance or, symmetrically, minimizing the variance subject to a lower bound on the expected value. The other method used the certainty equivalent criterion, a weighted average of the expected value and variance. The two approaches were applied to data for mixed softwood–hardwood forests in the southern United States with multiple financial and ecological criteria. Compared with risk neutrality or risk seeking, financial risk aversion reduced expected annual financial returns and production and led to shorter cutting cycles that lowered the expected diversity of tree species and size, stand basal area, stored CO2e, and old-growth area.

Complexity of finite-horizon Markov decision process problems

2000 ◽  
Vol 47 (4) ◽  
pp. 681-720 ◽  
Author(s):  
Martin Mundhenk ◽  
Judy Goldsmith ◽  
Christopher Lusena ◽  
Eric Allender
Keyword(s):  
Markov Decision Process ◽  
Decision Process ◽  
Finite Horizon ◽  
Markov Decision
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