Fair charge heuristics for dynamic resource allocation --- a queueing example

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• David Hodge, Lancaster University
• Monday 03 November 2008, 14:00-15:00
• MR15, CMS, Wilberforce Road, Cambridge, CB3 0WB.

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We develop a notion of a fair charge for the allocation of additional resource to a reward earning object (project) whose stochastic evolution depends upon how much resource it receives. Under a critical condition, heuristics based on such fair charges are effective for problems concerning the dynamic allocation of a divisible resource (money, manpower) among a set of such projects. We illustrate ideas by reference to a queueing example in which a set of servers is to be dynamically allocated to a collection of service stations.

Keywords: Gittins’ Indices, Whittle relaxation, restless bandits.

This talk is part of the Optimization and Incentives Seminar series.

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