An indifference-zone selection procedure with minimum switching and sequential sampling

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalNot applicablepeer-review

1 Scopus Citations
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Author(s)

Detail(s)

Original languageEnglish
Pages (from-to)474-480
Journal / PublicationWinter Simulation Conference Proceedings
Volume1
Publication statusPublished - 2003
Externally publishedYes

Conference

TitleProceedings of the 2003 Winter Simulation Conference: Driving Innovation
PlaceUnited States
CityNew Orleans, LA
Period7 - 10 December 2003

Abstract

Statistical ranking and selection (R&S) is a collection of experiment design and analysis techniques for selecting the "population" with the largest or smallest mean performance from among a finite set of alternatives. R&S procedures have received considerable research attention in the stochastic simulation community, and they have been incorporated in commercial simulation software. One of the ways that R&S procedures are evaluated and compared is via the expected number of samples (often replications) that must be generated to reach a decision. In this paper we argue that sampling cost alone does not adequately characterize the efficiency of ranking-and-selection procedures, and we introduce a new sequential procedure that provides the same statistical guarantees as existing procedures while reducing the expected total cost of application.