Design an efficient algorithm to solve the following problem: Given a set of N items, each with a weight and value, determine the maximum total value of items that can be included in a collection such that the total weight does not exceed a given limit W. However, unlike the classic knapsack problem, each item can be selected up to k times. Analyze the time and space complexity of your solution. Provide pseudocode and discuss possible optimizations that could improve the algorithm's performance for large N and W values.