Ograniczona skuteczność metod optymalizacyjnych w rozwiązywaniu ekonomicznych problemów decyzyjnych
Limited Efficiency of Optimization Methods in Solving Economic Decision Problems
Author(s): Helena Gaspars-WielochSubject(s): Business Economy / Management, Methodology and research technology, Management and complex organizations
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: optimization methods; economic decision problems; the choice of investment project; the Hurwicz rule; decision-making under uncertainty; the choice of product mix; aggregate objective function;
Summary/Abstract: The author illustrates by means of numerical examples some economic decision problems (the choice of investment projects, the choice of optimum product mix, preparation of rankings for different objects based on incomparable criteria by means of standardized measures, the time-cost project analysis, the asset portfolio construction) for which the results generated by theoretically appropriate optimization methods (i.e. procedures considering the characteristics of a given aim) are illogical or significantly different from the answers expected. In connection with the fact that such cases exist, the author: (a) suggests two modifications for the optimization methods discussed in the article so that they could be more universal; (b) emphasizes the need of a careful interpretation of the results obtained, in full consciousness of the limitations of the computational procedures employed.
Journal: Ekonomista
- Issue Year: 2012
- Issue No: 3
- Page Range: 303-323
- Page Count: 21
- Language: Polish
