Frontiers of Engineering Management
>> 2021,
Volume 8,
Issue 3
doi:
10.1007/s42524-021-0152-6
REVIEW ARTICLE
Review on ranking and selection: A new perspective
. School of Management and School of Data Science, Fudan University, Shanghai 200433, China.. Advanced Institute of Business, Tongji University, Shanghai 200092, China.. Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China
Received: 2021-01-30
Accepted: 2021-03-29
Available online: 2021-03-29
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Abstract
In this paper, we briefly review the development of ranking and selection (R&S) in the past 70 years, especially the theoretical achievements and practical applications in the past 20 years. Different from the frequentist and Bayesian classifications adopted by Kim and Nelson (2006b) and Chick (2006) in their review articles, we categorize existing R&S procedures into fixed-precision and fixed-budget procedures, as in Hunter and Nelson (2017). We show that these two categories of procedures essentially differ in the underlying methodological formulations, i.e., they are built on hypothesis testing and dynamic programming, respectively. In light of this variation, we review in detail some well-known procedures in the literature and show how they fit into these two formulations. In addition, we discuss the use of R&S procedures in solving various practical problems and propose what we think are the important research questions in the field.
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