School of Mathematics and Statistics - Research Publications

Permanent URI for this collection

Search Results

Now showing 1 - 5 of 5
  • Item
    Thumbnail Image
    Wald's mighty maximin: a tutorial
    Sniedovich, M (WILEY, 2016-07)
    Abstract Ever since its appearance on the scene in the 1940s, in the then nascent field of statistical decision theory, Wald's maximin paradigm has played a vital role in many disciplines in the treatment of nonprobabilistic uncertainty, both as a tool of thought and as a practical instrument. In fact, in some fields, such as modern robust optimization, Wald's paradigm dominates the scene. It is important to note that this paradigm's preeminence in many fields continues unabated, despite its obvious limitations and the criticism that had been and continues to be leveled at it. So, in this tutorial we examine the methodological aspects of this stalwart of decision theory from the viewpoint of robust decision‐making, paying special attention to its obvious and not so obvious limitations and to its relation to other maximin paradigms.
  • Item
    Thumbnail Image
    Wald's maximin model: a treasure in disguise!
    Sniedovich, M (Emerald, 2008-05-23)
    Purpose The purpose of this paper is to illustrate the expressive power of Wald's maximin model and the mathematical modeling effort requisite in its application in decision under severe uncertainty. Design/methodology/approach Decision making under severe uncertainty is art as well as science. This fact is manifested in the insight and ingenuity that the modeller/analyst is required to inject into the mathematical modeling of decision problems subject to severe uncertainty. The paper elucidates this point in a brief discussion on the mathematical modeling of Wald's maximin paradigm. Findings The apparent simplicity of the maximin paradigm implies that modeling it successfully requires a considerable mathematical modeling effort. Practical implications The paper illustrates the importance of mastering the art of mathematical modeling especially in the application of Wald's maximin model. Originality/value This paper sheds new light on some of the modeling aspects of Wald's maximin paradigm.
  • Item
    Thumbnail Image
    Dijkstra's algorithm revisited: the dynamic programming connexion
    Sniedovich, M (POLISH ACAD SCIENCES SYSTEMS RESEARCH INST, 2006)
  • Item
    Thumbnail Image
    A CLASSICAL DECISION THEORETIC PERSPECTIVE ON WORST-CASE ANALYSIS
    Sniedovich, M (ACAD SCIENCES CZECH REPUBLIC, INST MATHEMATICS, 2011-10)
  • Item
    Thumbnail Image
    Applying the corridor method to a blocks relocation problem
    Caserta, M ; Voss, S ; Sniedovich, M (SPRINGER, 2011-10)