We develop new approximation algorithms for classical graph and set problems in the RAM model under space constraints. As one of our main results, we devise an algorithm for $$d\text {-}\textsc {Hitting Set}{}$$ that runs in time $$n^{{{\,\mathrm{O}\,}}{(d^2 + (d / \epsilon ))}}$$ , uses $${{\,\mathrm{O}\,}}{((d^2 + (d / \epsilon ))\log {n})}$$ bits of space, and achieves an approximation ratio of $${{\,\mathrm{O}\,}}{((d / \epsilon ) n^{\epsilon })}$$ for any positive $$\epsilon \le 1$$ and any $$d \in {\mathbb {N}}$$ . In particular, this yields a factor- $${{\,\mathrm{O}\,}}{(\log {n})}$$ approximation algorithm which runs in time $$n^{{{\,\mathrm{O}\,}}{(\log {n})}}$$ and uses $${{\,\mathrm{O}\,}}{(\log ^2{n})}$$ bits of space (for constant d). As a corollary, we obtain similar bounds for $$\textsc {Vertex Cover}{}$$ and several graph deletion problems. For bounded-multiplicity problem instances, one can do better. We devise a factor-2 approximation algorithm for $$\textsc {Vertex Cover}{}$$ on graphs with maximum degree $$\varDelta$$ , and an algorithm for computing maximal independent sets, both of which run in time $$n^{{{\,\mathrm{O}\,}}{(\varDelta )}}$$ and use $${{\,\mathrm{O}\,}}{(\varDelta \log {n})}$$ bits of space. For the more general $$d\text {-}\textsc {Hitting Set}{}$$ problem, we devise a factor-d approximation algorithm which runs in time $$n^{{{\,\mathrm{O}\,}}{(d{\delta }^2)}}$$ and uses $${{\,\mathrm{O}\,}}{(d {\delta }^2 \log {n})}$$ bits of space on set families where each element appears in at most $$\delta$$ sets. For $$\textsc {Independent Set}{}$$ restricted to graphs with average degree d, we give a factor-(2d) approximation algorithm which runs in polynomial time and uses $${{\,\mathrm{O}\,}}{(\log {n})}$$ bits of space. We also devise a factor- $${{\,\mathrm{O}\,}}{(d^2)}$$ approximation algorithm for $$\textsc {Dominating Set}{}$$ on d-degenerate graphs which runs in time $$n^{{{\,\mathrm{O}\,}}{(\log {n})}}$$ and uses $${{\,\mathrm{O}\,}}{(\log ^2{n})}$$ bits of space. For d-regular graphs, we show how a known randomized factor- $${{\,\mathrm{O}\,}}{(\log {d})}$$ approximation algorithm can be derandomized to run in time $$n^{{{\,\mathrm{O}\,}}{(1)}}$$ and use $${{\,\mathrm{O}\,}}{(\log n)}$$ bits of space. Our results use a combination of ideas from the theory of kernelization, distributed algorithms and randomized algorithms.
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