In this paper, we analyze access traces to a Web proxy, looking at statisti
cal parameters to be used in the design of a replacement policy for documen
ts held in the cache. In the first part of this paper, we present a number
of properties of the lifetime and statistics of access to documents, derive
d from two large trace sets coming from very different proxies and spanning
over time intervals of up to five months. In the second part, we propose a
novel replacement policy, called LRV, which selects for replacement the do
cument with the lowest relative value among those in cache. In LRV, the val
ue of a document is computed adaptively based on information readily availa
ble to the proxy server. The algorithm has no hardwired constants, and the
computations associated with the replacement policy require only a small co
nstant time. We show how LRV outperforms LRU and other policies and can sig
nificantly improve the performance of the cache, especially for a small one
.