Nearly Optimal Linear Programming Solutions: Some Conceptual Issues and a Farm Management Application

Robert O. Burton, James S. Gidley, Barton S. Baker and Kimberly J. Reda-Wilson

American Journal of Agricultural Economics, 1987, vol. 69, issue 4, 813-818

Abstract: Nearly optimal solutions in linear programming provide useful information to decision makers. Modeling to generate alternatives may be used to generate a set of nearly optimal solutions from which a decision maker may select the desired solution by considering criteria not quantified in the model. The mathematical problem is to find vertices of a convex polytope. A pivoting method of vertex enumeration is used to generate all extreme-point nearly optimal solutions of an example problem involving selection of a marketing strategy for beef calves. Compared to the optimal solution, nearly optimal solutions have more diversity or use less cash or hired labor.

Date: 1987
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