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 Optimize, Simply Randomize' . 1. Newsvendor Inventory Management Problem 2. School Admissions.
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 - Randomoptimization" . 1. Newsvendor Inventory Management Problem 2. School Admissions.