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

T. Karsu, Alec Morton

Research output: Contribution to journalArticle

19 Citations (Scopus)
89 Downloads (Pure)

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.
Original languageEnglish
Pages (from-to)70-82
Number of pages13
JournalOmega
Volume44
Early online date1 Nov 2013
DOIs
Publication statusPublished - 1 Apr 2014

Keywords

  • allocation
  • decision making
  • decision processes
  • mathematical programming
  • multicriteria

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