A multiobjective metaheuristic for a mean-risk multistage capacity investment problem

A multiobjective metaheuristic for a mean-risk multistage capacity investment problem

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Article ID: iaor2010213
Volume: 16
Issue: 1
Start Page Number: 85
End Page Number: 115
Publication Date: Feb 2010
Journal: Journal of Heuristics
Authors: ,
Keywords: heuristics: local search, heuristics: tabu search
Abstract:

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.

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