Stochastic Modeling and Optimization: With Applications in Queues, Finance, and Supply Chains

The objective of this volume is to highlight through a collection of chapters some of the recent research works in applied prob ability, specifically shastic modeling and optimization. The volume is organized loosely into four parts. The first part is a col­ lection of several basic methodologies: singularly perturbed Markov chains (Chapter 1), and related applications in shastic optimal control (Chapter 2); shastic approximation, emphasizing convergence properties (Chapter 3); a performanc...