Optimization

Pflug GC (1996). Optimization. In: Optimization of Stochastic Models. The Kluwer International Series in Engineering and Computer Science, 373 . pp. 1-54 USA: Springer Verlag. ISBN 978-1-4613-1449-3

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Abstract

Optimization is the art of finding the best among several alternatives in decision making.

Let S be the set of possible decisions. This set is called the feasible set. The decision variable is denoted by x. If x ε S, then x is called feasible, otherwise infeasible. The net costs caused by decision x are measured by a real valued objective function F(x). The goal is to find the best decision, i.e. the decision with minimal costs. We will always assume that there is one single objective function. The case of several competing objective functions, the multi-criteria decision making problem will not be touched here.

Item Type: Book Section
Research Programs: Risk Analysis and Policy (RAP)
Depositing User: Romeo Molina
Date Deposited: 25 May 2016 13:48
Last Modified: 25 May 2016 13:48
URI: http://pure.iiasa.ac.at/13252

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