Range Programming: introducing a 'satisficing range' in a LP

Gilles Laurent
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Gilles Laurent: HEC Paris - Recherche - Hors Laboratoire - HEC Paris - Ecole des Hautes Etudes Commerciales

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Abstract: A new approach to the problem of minimizing a quartic (fourth order) cost function, subject to linear constraints, is presented. A "satisficing range" is introduced for each variable (i.e. a range in which all values of the variable are considered to entail the same minimal cost), leading to a new linear formulation ("range programming"). Improvements in results over previous approaches are reported for a specific example (due to Goodman), and should be expected in general.

Keywords: Range Programming; satisficing range; LP (search for similar items in EconPapers)
Date: 1976
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Published in Management Science, 1976, 22 (6), pp.713-716. ⟨10.1287/mnsc.22.6.713⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00820498

DOI: 10.1287/mnsc.22.6.713

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