Article ID: | iaor2010213 |
Volume: | 16 |
Issue: | 1 |
Start Page Number: | 85 |
End Page Number: | 115 |
Publication Date: | Feb 2010 |
Journal: | Journal of Heuristics |
Authors: | Claro Joo, Sousa Jorge Pinho |
Keywords: | heuristics: local search, heuristics: tabu search |
We propose a multiobjective local search metaheuristic for a mean-risk multistage capacity investment problem with irreversibility, lumpiness and economies of scale in capacity costs. Conditional value-at-risk is considered as a risk measure. Results of a computational study are presented and indicate that the approach is capable of producing high-quality approximations to the efficient sets with a modest computational effort. The best results are achieved with a new hybrid approach, combining Tabu Search and Variable Neighbourhood Search.