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Relatively Optimal Solutions In Multicriterion Programming

Author

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  • Miroslav Karakulakov

    (Varna University of Economics)

Abstract

The optimization of real processes in the economy leads most frequently to multicriterion models. When solving the respective problems there is used the wellknown Pareto’s principle of optimality and one usually ends up with a set of an infinite number of plans, which are at once equivalent (after Pareto ), but different by realization. In the article there are worked out and formalized two principles for comparing Paretooptimal solutions and as a result of their use there is achieved a relatively optimal solution. The latter is dominant for a maximum subs et of the set of the feasible plans. There are discussed examples and presented charts, illustrating relative optimality in multicriterion programming.

Suggested Citation

  • Miroslav Karakulakov, 2011. "Relatively Optimal Solutions In Multicriterion Programming," Business & Management Compass, University of Economics Varna, issue 4, pages 53-63.
    • Handle: RePEc:vrn:journl:y:2011:i:4:p:53-63
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    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General

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