@article{ref1,
title="Flexibility and real options analysis in emergency medical services systems using decision rules and multi-stage stochastic programming",
journal="Transportation research part E: logistics and transportation review",
year="2017",
author="Zhang, Sizhe and Cardin, Michel-Alexandre",
volume="107",
number="",
pages="120-140",
abstract="A novel approach to EMS infrastructure systems design, planning, and operations under long-term uncertainty is introduced based on multi-stage stochastic programming and decision rules, accounting for strategic flexibility (also known as real options - RO). Different from standard RO analysis, the approach mimics real-world decision-making by exercising flexibility based on conditional-go decision rules. The objective is to minimize the expected total costs over the system's life cycle, and the outputs are the optimal initial configuration and decision rules. A flexible solution provides lower expected cost than stochastically optimal rigid solutions, especially valuable when required incident coverage rate is >95%.<p /> <p>Language: en</p>",
language="en",
issn="1366-5545",
doi="10.1016/j.tre.2017.09.003",
url="http://dx.doi.org/10.1016/j.tre.2017.09.003"
}