Before revision:  We consider a number of examples and develop both the theoretical framework and empirical tests where such an approach might be helpful, with the common prescription, ' Don't Simply Optimize, Also Randomize, perhaps best described by the term - Randoptimization '. 1. Newsvendor Inventory Management Problem 2. School Admissions. 3. Journal Submissions. 4. Job Candidate Selection. 5. Stock Picking .
After revision:  We consider a number of examples and develop both the theoretical framework and empirical tests where such an approach might be helpful, with the common prescription, ' Don't Simply Optimize, Also Randomize, perhaps best described by the term - Randoptimization " .