I independently invented something similar around 1993 inside the scheduler of a threading implementation. I wanted to have a priority scheme whereby the ratios of priority values determined the amount of CPU quanta given to the thread. E.g. a priority 5 thread would twice the CPU time compared to a priority 10.

I called the algorithm "appointment calendar". Threads were scheduled in a calendar, with the lower priority threads (higher value) getting appointments farther in the future. The scheduler just marched through the calendar in order, taking the appointments.