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The term simulation optimization has become widespread in both academical and practical studies. One of the many reasons for this interest in simulation optimization is that for problems that arise in practical applications, explicit mathematical formulations may be too restrictive; that is where simulation is relevant.
Therefore, for many practical cases one cannot obtain an analytical solution through methods that require explicit mathematical formulations. Indeed, simulation optimization has led to the numerical solution of large-scale, real-world decision-making problems. Response...