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Fundamentals of Multiobjective Optimization

In: Mathematical Optimization and Economic Analysis

Author

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  • Mikuláš Luptáčik

    (Vienna University of Economics and Business Administration)

Abstract

In all of the mathematical programming problems considered thus far, we have assumed that one particular objective function, such as the maximization of profit or minimization of cost, was prespecified by some decision maker. In general, however, there exist a large variety of objectives—including maximizing profit, revenue, and market share; increasing environmental quality; etc. Zeleny [89, p. 1] states that “multiple objectives are all around us.” There are some empirical studies supporting this hypothesis. Smith, Boyes, and Peseau [70] found that for 557 large U.S. firms, sales revenue and profits were objectives followed by the firms. Beedles [6] used time series data for the time period 1929–1973 for three large firms and showed that the firms pursued sales revenue, profits, and stock price as their objectives.

Suggested Citation

  • Mikuláš Luptáčik, 2010. "Fundamentals of Multiobjective Optimization," Springer Optimization and Its Applications, in: Mathematical Optimization and Economic Analysis, chapter 7, pages 213-241, Springer.
    • Handle: RePEc:spr:spochp:978-0-387-89552-9_7
    DOI: 10.1007/978-0-387-89552-9_7
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