Optimization Problems Subject to a Budget Constraint with Economies of Scale

R. J. Hillestad
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R. J. Hillestad: Rand Corporation, Santa Monica, California

Operations Research, 1975, vol. 23, issue 6, 1091-1098

Abstract: This paper describes a finite procedure for locating a global minimum of a problem with linear objective constraints except for one nonlinear constraint, which is of the “reverse convex” variety; that is, the direction of the inequality is the opposite of that requited for a convex constraint. Budget constraints in which the cost functions are subject to economies of scale are typically of this form. An illustrative example of the procedure is provided.

Date: 1975
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