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Obtaining Near OptimalSolutions for the Binary Knapsack Problem

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  • Ghosh, Diptesh
  • Goldengorin, Boris

Abstract

In this paper we consider the well-known binary knapsack problem. We propose a method of embedding heuristicsi in a branch and bound framework to optain solutions with profits within a pre-specified quality parameter within very short times. Our computational experiements on the more deficult problems show that algorithm can genrate solutions with profits within 0.01% of that of an optimal solution in less than 10% of the time required by exact algorithms based on similar priciples.

Suggested Citation

  • Ghosh, Diptesh & Goldengorin, Boris, 2002. "Obtaining Near OptimalSolutions for the Binary Knapsack Problem," IIMA Working Papers WP2002-02-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    • Handle: RePEc:iim:iimawp:wp00006
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