Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review
Managerial and Business Economics (ME/BE) aims at using quantitative and computational methods to make an efficient (ideally optimal) assignment of the scarce resources owned by firms and organizations. In the current global market, characterized by a fierce competition, an optimal use of the availa...
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doaj-e7ff77f02c40469f9e6a4957c35717ab2020-11-25T03:48:30ZengMDPI AGAdministrative Sciences2076-33872020-07-0110474710.3390/admsci10030047Modern Optimization and Simulation Methods in Managerial and Business Economics: A ReviewLaura Calvet0Rocio de la Torre1Anita Goyal2Mage Marmol3Angel A. Juan4IN3—Computer Science Department, Universitat Oberta de Catalunya, 08018 Barcelona, SpainINARBE Institute, Public University of Navarre, Campus de Arrosadia, 31006 Pamplona, SpainIndian Institute of Management, Lucknow 226013, IndiaEuncet Business School, 08225 Terrassa, SpainIN3—Computer Science Department, Universitat Oberta de Catalunya, 08018 Barcelona, SpainManagerial and Business Economics (ME/BE) aims at using quantitative and computational methods to make an efficient (ideally optimal) assignment of the scarce resources owned by firms and organizations. In the current global market, characterized by a fierce competition, an optimal use of the available resources is more important than ever for guaranteeing the economical sustainability of organizations and enterprises of any size. Heuristic optimization algorithms and simulation methods have been successfully employed to analyze and enhance complex systems and processes in a myriad of ME/BE-related fields. This paper reviews recent works on the use of these methodologies in competitive markets, as well as in imperfect markets considering externalities. The paper also discusses open challenges and how state-of-the art methods combining optimization, simulation, and machine learning can contribute to properly address them.https://www.mdpi.com/2076-3387/10/3/47managerial/business economicsheuristic optimizationsimulationmicroeconomics |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Laura Calvet Rocio de la Torre Anita Goyal Mage Marmol Angel A. Juan |
spellingShingle |
Laura Calvet Rocio de la Torre Anita Goyal Mage Marmol Angel A. Juan Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review Administrative Sciences managerial/business economics heuristic optimization simulation microeconomics |
author_facet |
Laura Calvet Rocio de la Torre Anita Goyal Mage Marmol Angel A. Juan |
author_sort |
Laura Calvet |
title |
Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review |
title_short |
Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review |
title_full |
Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review |
title_fullStr |
Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review |
title_full_unstemmed |
Modern Optimization and Simulation Methods in Managerial and Business Economics: A Review |
title_sort |
modern optimization and simulation methods in managerial and business economics: a review |
publisher |
MDPI AG |
series |
Administrative Sciences |
issn |
2076-3387 |
publishDate |
2020-07-01 |
description |
Managerial and Business Economics (ME/BE) aims at using quantitative and computational methods to make an efficient (ideally optimal) assignment of the scarce resources owned by firms and organizations. In the current global market, characterized by a fierce competition, an optimal use of the available resources is more important than ever for guaranteeing the economical sustainability of organizations and enterprises of any size. Heuristic optimization algorithms and simulation methods have been successfully employed to analyze and enhance complex systems and processes in a myriad of ME/BE-related fields. This paper reviews recent works on the use of these methodologies in competitive markets, as well as in imperfect markets considering externalities. The paper also discusses open challenges and how state-of-the art methods combining optimization, simulation, and machine learning can contribute to properly address them. |
topic |
managerial/business economics heuristic optimization simulation microeconomics |
url |
https://www.mdpi.com/2076-3387/10/3/47 |
work_keys_str_mv |
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