What is the relationship between Info-Gaps decision-making model and the robust optimization models of Ben-Tal and Nemirovski (1998, 2002)?
Answer-42: Methodologically speaking, Info-Gap’s decision-making model is a special case of the robust optimization models formulated in Ben-Tal and Nemirovski (1998, 2002). This is not surprising because the models formulated in Ben-Tal and Nemirovski (1998, 2002) are essentially general Maximin models. There is, however, one minor technical modeling issue that requires attending to. This is the seemingly simple structure of Ben-Tal and Nemirovski’s (1998, 2002) uncertainty models. Whereas in Ben-Haim (2001, 2006) the uncertainty model consists of a family of nested regions U(α,û), α≥0, Ben-Tal and Nemirovski’s (1998, 2002) models specify only a complete uncertainty space.
Related Questions
- Isn it more accurate to view Info-Gaps decision-making model as a representation of an optimization problem rather than a satisficing problem?
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