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 language | English |
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Pages (from-to) | 70-82 |
Number of pages | 13 |
Journal | Omega |
Volume | 44 |
Early online date | 1 Nov 2013 |
DOIs | |
Publication status | Published - 1 Apr 2014 |
Keywords
- allocation
- decision making
- decision processes
- mathematical programming
- multicriteria