A stochastic linear programming modelling and solution approach for planning the supply of rewards in loyalty reward programs (Q1753749)
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scientific article; zbMATH DE number 6875988
| Language | Label | Description | Also known as |
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| English | A stochastic linear programming modelling and solution approach for planning the supply of rewards in loyalty reward programs |
scientific article; zbMATH DE number 6875988 |
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A stochastic linear programming modelling and solution approach for planning the supply of rewards in loyalty reward programs (English)
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29 May 2018
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Summary: In this paper, we consider the problem of planning the supply of rewards in a Loyalty Reward Program (LRP). We formulate this problem as a two-stage stochastic linear program with simple recourse, and develop a new, sampling-based stochastic optimisation heuristic procedure for solving it. The proposed heuristic is general and can be applied in other contexts as well. Our computational experiments demonstrate the viability of the modelling and solution approaches for solving realistically-sized (large-scale) problems.
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stochastic linear programming
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sample average approximation
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heuristics
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stochastic optimisation
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loyalty reward programmes
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rewards supply planning
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