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507. Recent development on the Markov decision and semi-Markov decision processes
Invited abstract in session WB-18: Sustainable Economics in Developing Countries , stream OR for Development and Developing Countries.
Wednesday, 10:30-12:00Room: 42 (building: 116)
Authors (first author is the speaker)
| 1. | Olabode Adewoye
|
| Mathematics, Yaba College of Technology |
Abstract
Our world is bedeviled with uncertainty and complexity. Markov models originated by A.A. Markov and further extended R.A. Howard and later, many other contributors, formulate, analyze, and evaluate simple and advanced models to solve the world's dynamic and complex problems ranging from genetics to robotic engineering and maintenance problems and sustainable developments. This work surveys recent developments in Markov decision processes (MDP) as well as provides insight into how MDP and Semi-Markov Decision Processes can be applied to a variety of problems. The finding shows that any practical problem on complexity and uncertainty can at least be modeled as a Markov model, provided we can break the problem into states, establish the transition probabilities, the rewards structure, and the optimization criteria are known.
Keywords
- Programming, Dynamic
- Sustainable Development
- OR in Development
Status: accepted
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