Abstract
This paper puts forward a decision model for allocation of intensive care unit (ICU) beds under scarce resources in healthcare systems during the COVID-19 pandemic. The model is built upon a portfolio selection approach under the concepts of the Utility Theory. A binary integer optimization model is developed in order to find the best allocation for ICU beds, considering candidate patients with suspected/confirmed COVID-19. Experts' subjective knowledge and prior probabilities are considered to estimate the input data for the proposed model, considering the particular aspects of the decision problem. Since the chances of survival of patients in several scenarios may not be precisely defined due to the inherent subjectivity of such kinds of information, the proposed model works based on imprecise information provided by users. A Monte-Carlo simulation is performed to build a recommendation, and a robustness index is computed for each alternative according to its performance as evidenced by the results of the simulation.