Question: 1. What is the difference between using an exact optimization technique and a heuristic to solve a problem? 2. Why is a buy-back contract appropriate?

1. What is the difference between using an exact optimization technique and a heuristic to solve a problem?

2. Why is a buy-back contract appropriate? When is a payback contract appropriate? What about an option contract? How are they related? Argue that buy-back and pay-back contracts are special types of options contracts.

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