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

Özlem Karsu and Alec Morton

Omega, 2014, vol. 44, issue C, 70-82

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.

Keywords: Allocation; Decision making/process; Mathematical programming; Multicriteria (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (20)

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DOI: 10.1016/j.omega.2013.10.006

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