In this paper, we consider stock rationing problem of a single-item make-to-stock production/inventory system with multiple demand classes. Demand arrives as a Poisson process with a randomly distributed batch size. It is assumed that the batch demand can be partially satisfied. The facility can produce a batch up to a certain capacity at the same time. Production time follows an exponential di...

Decisions about allocation of limited healthcare resources are frequently controversial. These decisions are usually based on careful analysis of medical, scientific and health economic evidence. Yet, decisions are also necessarily based on value judgements. There may be differing views among health professionals about how to allocate resources or how to evaluate existing evidence. In specific ...

The problem of determining the optimal level of output for goods and services produced by government and determining the best means of rationing these among people is an important one. The level of aggregate economic welfare depends on both the output level chosen and the mechanism used to distribute this output. Public decisions make implicit judgments on both output and rationing devices with...

Whenever demand for a single item can be categorized into classes of di erent priority an inventory rationing policy should be considered In this paper we analyse a continuous review s Q model with lost sales and two demand classes A so called critical level policy is applied to ration the inventory among the two demand classes With this policy low priority demand is rejected in anticipation of...

We study auctions of a single asset among symmetric bidders with a¢ liated values. We show that the second-price auction minimizes revenue among all e¢ cient auction mechanisms in which only the winner pays, and the price only depends on the losers’bids. In particular, we show that the k-th price auction generates higher revenue than the second-price auction, for all k > 2. If rationing is allo...