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Incorporating balance concerns in resource allocation decisions: a bi-criteria modelling approach

Karsu, Özlem and Morton, Alec (2013) Incorporating balance concerns in resource allocation decisions: a bi-criteria modelling approach. Omega, 44. pp. 70-82. ISSN 0305-0483

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Identification Number: 10.1016/j.omega.2013.10.006

Abstract

We consider resource allocation problems where inputs are allocated to different entities such as activities, projects or departments. In such problems a common goal is achieving a desired balance in the allocation over different categories of the entities. We propose a bi-criteria framework for trading balance off against efficiency. We define and categorise indicators based on balance distribution and propose formulations and solution algorithms which provide insight into the balance-efficiency tradeoff. We illustrate our models by applying them to the data of a portfolio selection problem faced by a science funding agency and to randomly generated large-sized problem instances to demonstrate computational feasibility.

Item Type: Article
Official URL: http://www.journals.elsevier.com/omega/
Additional Information: © 2013 Elsevier
Divisions: Management
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Sets: Departments > Management
Date Deposited: 12 Dec 2013 15:52
Last Modified: 30 Jan 2019 19:19
URI: http://eprints.lse.ac.uk/id/eprint/54891

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