Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review

Laura Calvet, Rocio de la Torre, Anita Goyal, Mage Marmol and Angel Juan
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Laura Calvet: IN3—Computer Science Department, Universitat Oberta de Catalunya, 08018 Barcelona, Spain
Rocio de la Torre: INARBE Institute, Public University of Navarre, Campus de Arrosadia, 31006 Pamplona, Spain
Anita Goyal: Indian Institute of Management, Lucknow 226013, India
Mage Marmol: Euncet Business School, 08225 Terrassa, Spain

Administrative Sciences, 2020, vol. 10, issue 3, 1-23

Abstract: Managerial and Business Economics (ME/BE) aims at using quantitative and computational methods to make an efficient (ideally optimal) assignment of the scarce resources owned by firms and organizations. In the current global market, characterized by a fierce competition, an optimal use of the available resources is more important than ever for guaranteeing the economical sustainability of organizations and enterprises of any size. Heuristic optimization algorithms and simulation methods have been successfully employed to analyze and enhance complex systems and processes in a myriad of ME/BE-related fields. This paper reviews recent works on the use of these methodologies in competitive markets, as well as in imperfect markets considering externalities. The paper also discusses open challenges and how state-of-the art methods combining optimization, simulation, and machine learning can contribute to properly address them.

Keywords: managerial/business economics; heuristic optimization; simulation; microeconomics (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2020
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