This presentation gives an overview of recent developments on the Bayes risk in new contexts such as ranking forecast models by stochastic error distance (SED) proposed by Diebold and Shin (2017), Gini coefficient of income inequality, and expected Fisher information. The mean excess or residual

The agriculture industry plays a critical role in the U.S. economy and various industry sectors depend on the output of farms. To protect and raise farmers' income, the U.S. government offers two subsidy programs to farmers: the Price Loss Coverage (PLC) program which pays farmers a subsidy when

In this paper we propose a novel misspecification test for simulation metamodels. It is a consistent test that helps to assess the adequacy of simulation metamodels. The test statistic we construct is shown to be asymptotically normally distributed under the null hypothesis that the metamodel is

Many classical sequential procedures model the partial sum difference process between two competing alternatives as a Brownian motion process. In this paper, the marginal probability of eliminating the best alternative is considered while modeling the partial sum difference process. We adaptively

Network operations often suffer from chronic asset imbalance over time and across locations. This paper addresses the issue in the intermodal industry. The problem is mainly driven by myopic policies, environmental uncertainty, and network interdependence. To address the problem, we develop a

Department of Management Sciences hosted the 10th POMS-HK International Jan 5 to 6, 2019. The conference, themed with “Operations Excellence for a Better World” welcomed over 400 participants from over 14 countries and regions, a record high for this annual event. Prof. Way Kuo, President of City

In the ranking-and-selection field, many current existing fully sequential procedures are developed under the indifference-zone (IZ) formulation which assumes an optimality gap between the best alternative and the others. In this paper, by modifying one classical fully sequential procedure,

In 1992, FDA instituted the accelerated approval pathway (AP) to allow promising drugs to enter the market based on limited evidence, but requiring manufacturers to verify the drugs’ true clinical benefits through post-market studies. However, most post-market studies are not completed due to many

Optimal routing solutions in deterministic models usually fail to deliver promised on-time services in the real world of uncertainty, causing potential loss of customers and revenue. In this study, we propose a new formulation for the data-driven Vehicle Routing Problem with Time Windows (VRPTW)