Scheduling With Time Discounts
This paper studies the online weighted task scheduling problem with time-decaying values in financial settings, where future rewards are discounted at rate δ ∈ [0,1) and arrivals are uncertain; the objective is to maximize the total present value. We propose the first deterministic memoryless algorithm that is optimal for δ ≤ 0.77 and prove its competitive ratio matches the theoretical upper bound for this class of algorithms. Furthermore, we design a randomized algorithm that strictly surpasses the deterministic competitive ratio upper bound—thereby completing the precise characterization of the competitive ratio for discounted scheduling. Our theoretical results are directly applicable to real-world financial systems, such as blockchain transaction scheduling, and provide a unified modeling framework and provably optimal algorithms for online resource allocation under discounted utility.