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

T. Karsu, Alec Morton

Research output: Contribution to journalArticlepeer-review

21 Citations (Scopus)
90 Downloads (Pure)

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.
Original languageEnglish
Pages (from-to)70-82
Number of pages13
JournalOmega
Volume44
Early online date1 Nov 2013
DOIs
Publication statusPublished - 1 Apr 2014

Keywords

  • allocation
  • decision making
  • decision processes
  • mathematical programming
  • multicriteria

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