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Model. Comput. Simul."],"published-print":{"date-parts":[[2012,8]]},"abstract":"<jats:p>For many discrete simulation optimization applications, it is often difficult to decide which Ranking and Selection (R&amp;S) procedure to use. To efficiently compare R&amp;S procedures, we present a three-layer performance evaluation process. We show that the two most popular performance formulations, namely the Bayesian formulation and the indifference zone formulation, have a common representation analogous to convex risk measures used in mathematical finance. We then specify how a decision maker can impose a performance requirement on R&amp;S procedures that is more adequate for her risk attitude than the indifference zone or the Bayesian performance requirements. Such a performance requirement partitions the space of R&amp;S procedures into acceptable and nonacceptable procedures. The minimal computational budget required for a procedure to become acceptable introduces an easy-to-interpret preference order on the set of R&amp;S policies. We demonstrate with a numerical example how the introduced framework can be used to guide the choice of selection procedure in practice.<\/jats:p>","DOI":"10.1145\/2331140.2331144","type":"journal-article","created":{"date-parts":[[2012,8,28]],"date-time":"2012-08-28T13:09:44Z","timestamp":1346159384000},"page":"1-23","update-policy":"https:\/\/doi.org\/10.1145\/crossmark-policy","source":"Crossref","is-referenced-by-count":2,"title":["A Framework for Selecting a Selection Procedure"],"prefix":"10.1145","volume":"22","author":[{"given":"Rolf","family":"Waeber","sequence":"first","affiliation":[{"name":"Cornell University"}]},{"given":"Peter I.","family":"Frazier","sequence":"additional","affiliation":[{"name":"Cornell University"}]},{"given":"Shane G.","family":"Henderson","sequence":"additional","affiliation":[{"name":"Cornell University"}]}],"member":"320","published-online":{"date-parts":[[2012,8]]},"reference":[{"unstructured":"Allen T. T. and Bernshteyn M. 2006. 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