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Identifying preferred solutions to multi-objective binary optimisation problems, with an application to the multi-objective knapsack problem

Argyris, Nikos, Figueira, José Rui and Morton, Alec (2011) Identifying preferred solutions to multi-objective binary optimisation problems, with an application to the multi-objective knapsack problem. Journal of Global Optimization, 49 (2). pp. 213-235. ISSN 0925-5001

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Abstract

In this paper we present a new framework for identifying preferred solutions to multi-objective binary optimisation problems. We develop the necessary theory which leads to new formulations that integrate the decision space with the space of criterion weights. The advantage of this is that it allows for incorporating preferences directly within a unique binary optimisation problem which identifies efficient solutions and associated weights simultaneously. We discuss how preferences can be incorporated within the formulations and also describe how to accommodate the selection of weights when the identification of a unique solution is required. Our results can be used for designing interactive procedures for the solution of multi-objective binary optimisation problems. We describe one such procedure for the multi-objective multi-dimensional binary knapsack formulation of the portfolio selection problem.

Item Type: Article
Official URL: http://www.springer.com/business+%26+management/op...
Additional Information: © 2010 Springer Science+Business Media L.L.C.
Library of Congress subject classification: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Sets: Departments > Management
Research centres and groups > LSE Health
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 07 Feb 2011 15:14
URL: http://eprints.lse.ac.uk/32218/

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