Optimal decision on wait-or-walk if your bus is not coming

How can the dilemma be solved without statistics?

Robert Dochow and Michael Schwarz

You want to visit a friend and arrive there as soon as possible. There is a direct bus connection, but the bus is usually late and sometimes does not come at all. You are at the station on time, but the bus is not there. What are you going to do?

Either you wait for the bus, or you start walking to get to your friend. If …

algorithms data science decision decision making operations-research optimization