functionallocateExtremeValue

Allocate a scarce resoure using an extreme value priority distribution

Extends from ICON (Icon for functions).

Information

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The function returns the fraction of capacity or demand that matches the allocated amount of a scarce resource given the clearing attractiveness x, the attractiveness a (e.g., utility), and the width w of an extreme value distribution function that describes the priority profile for the recipient.

The parameter w defines a highest density interval (HDI) with a probability of about 0.997 (i.e., the equivalent of a 6σ HDI for a normal probability distribution) that is located around the location parameter a, which in this case denotes the location of the mode of the extreme value distribution. The interval boundaries shown in the graph below are only approximations, but they are close enough for application purposes.


Graph of the allocateExtremeValue Function (Distribution Shown Scaled for Clarity)
Graph.svg

Syntax


Functions.allocateExtremeValue(x, a, w);

Examples


Functions.allocateExtremeValue(4.25, 5, 3); // 0.9995..
Functions.allocateExtremeValue(5.00, 5, 3); // 0.6321..
Functions.allocateExtremeValue(7.25, 5, 3); // 0.0022..

See also

allocateUniform, allocateTriangular, allocateNormal

Inputs

TypeNameDefaultDescription
RealxClearing attractiveness
RealaAttractiveness of recipient
RealwWidth of distribution (i.e., defining a highest density region with probability of 0.997)

Outputs

TypeNameDefaultDescription
RealyFraction of total capacity or demand allocated to the recipient

Revisions

  • Introduced in v2.0.0.