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• W2007492057 abstract "For many discrete simulation optimization applications, it is often difficult to decide which Ranking and Selection (R&S) procedure to use. To efficiently compare R&S procedures, we present a three-layer performance evaluation process. We show that the two most popular performance formulations, namely the Bayesian formulation and the indifference zone formulation, have a common representation analogous to convex risk measures used in mathematical finance. We then specify how a decision maker can impose a performance requirement on R&S procedures that is more adequate for her risk attitude than the indifference zone or the Bayesian performance requirements. Such a performance requirement partitions the space of R&S procedures into acceptable and nonacceptable procedures. The minimal computational budget required for a procedure to become acceptable introduces an easy-to-interpret preference order on the set of R&S policies. We demonstrate with a numerical example how the introduced framework can be used to guide the choice of selection procedure in practice." @default.
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• W2007492057 date "2012-08-01" @default.
• W2007492057 modified "2023-09-25" @default.
• W2007492057 title "A Framework for Selecting a Selection Procedure" @default.
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• W2007492057 doi "https://doi.org/10.1145/2331140.2331144" @default.
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