A continuous knapsack problem with separable convex utilities: Approximation algorithms and applications

We study a continuous knapsack problem with separable convex utilities. We show that the problem is NP-hard, and provide two simple algorithms that have worst-case performance guarantees. We consider as an application a novel subsidy allocation problem in the presence of market competition, subject...

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Bibliographic Details
Published inOperations research letters Vol. 42; no. 5; pp. 367 - 373
Main Authors Levi, Retsef, Perakis, Georgia, Romero, Gonzalo
Format Journal Article
LanguageEnglish
Published Elsevier B.V 01.07.2014
Subjects
Algorithms
Allocations
Approximation
Cournot competition
Knapsack
Knapsack problem
Markets
Mathematical analysis
Subsidies
Subsidies (financial)
Utilities
Subsidies
Cournot competition
Knapsack
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Summary:We study a continuous knapsack problem with separable convex utilities. We show that the problem is NP-hard, and provide two simple algorithms that have worst-case performance guarantees. We consider as an application a novel subsidy allocation problem in the presence of market competition, subject to a budget constraint and upper bounds on the amount allocated to each firm, where the objective is to minimize the market price of a good.
Bibliography:ObjectType-Article-1
SourceType-Scholarly Journals-1
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ISSN:0167-6377
1872-7468
DOI:10.1016/j.orl.2014.06.007