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A forwards induction approach to candidate drug selection

Part of: Mathematical economics Operations research and management science

Published online by Cambridge University Press:  01 July 2016

S. Qu  and
J. C. Gittins
S. Qu*
Affiliation:
University of Oxford
J. C. Gittins*
Affiliation:
University of Oxford
*
∗ Postal address: Department of Statistics, University of Oxford, 1 South Parks Road, Oxford OX1 3TG, UK.
∗ Postal address: Department of Statistics, University of Oxford, 1 South Parks Road, Oxford OX1 3TG, UK.
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Abstract

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A forwards induction policy is a type of greedy algorithm for Markov decision processes. It is straightforward to implement and is optimal for a large class of models, especially in stochastic resource allocation. In this paper we consider a model for the optimal allocation of resources in pre-clinical pharmaceutical research. We show that although they are not always strictly optimal, forwards induction policies perform well.

Keywords

Pharmaceutical researchresource allocationforwards inductionMarkov decision process

MSC classification

Primary: 90B36: Scheduling theory, stochastic
Secondary: 90C40: Markov and semi-Markov decision processes 91B32: Resource and cost allocation

Information

Type
General Applied Probability
Information
Advances in Applied Probability , Volume 43 , Issue 3 , September 2011 , pp. 649 - 665
Copyright
Copyright © Applied Probability Trust 2011 

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