Shadow Prices in Multiple Objective Linear Programming

In two recent papers, the problems of the two-sided nature of shadow prices in degenerate L.P.s have been reviewed. Aukamp and Steinberg demonstrate that shadow prices and the optimal dual variables computed by L.P. packages do not necessarily correspond. Their analysis is completed by Mustafa Akgul...

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Bibliographic Details
Published in:The Journal of the Operational Research Society Vol. 36; no. 12; pp. 1095 - 1101
Main Author: Kornbluth, J. S. H.
Format: Journal Article
Language:English
Published: London Taylor & Francis 01.12.1985
Pergamon Press
Palgrave Macmillan UK
Palgrave
Taylor & Francis Ltd
Subjects:
Ambivalence
Applied sciences
Business and Management
Efficiency objectives
Exact sciences and technology
Linear programming
Management
Mathematical analysis
Mathematical minima
Mathematical programming
Mathematical vectors
Objectives
Operational research and scientific management
Operational research. Management science
Operations research
Operations Research/Decision Theory
Optimal solutions
Prices
Selling price
Shadow prices
Statistical analysis
Tableaux
Theoretical Paper
Theoretical Papers
Linear programming
Multiobjective programming
Mathematical programming
ISSN:0160-5682, 1476-9360
Online Access:Get full text
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Summary:In two recent papers, the problems of the two-sided nature of shadow prices in degenerate L.P.s have been reviewed. Aukamp and Steinberg demonstrate that shadow prices and the optimal dual variables computed by L.P. packages do not necessarily correspond. Their analysis is completed by Mustafa Akgul, who shows that positive and negative prices can be easily computed by simple auxiliary programmes as well as by parametric programming methods. The original work on this subject by Strum discusses the pricing and accounting aspects of two-sided shadow prices. The purpose of this note is to extend the analysis of Akgul to multiple-objective linear programming (MOLP) models.
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ISSN:0160-5682
1476-9360
DOI:10.1057/jors.1985.199