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Optimal Resource Allocation in Chemical Research

J. C. Gittins
Advances in Applied Probability
Vol. 1, No. 2 (Autumn, 1969), pp. 238-270
DOI: 10.2307/1426219
Stable URL: http://www.jstor.org/stable/1426219
Page Count: 33
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Optimal Resource Allocation in Chemical Research
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Abstract

The problem of allocating scientific effort between a number of competing projects is considered. A stochastic mathematical model is set up, and for the case of just two competing projects a number of results are proved which enable the best policy to be determined. An indication is given of the ways in which these results might be extended so as to deal with more general situations.

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