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optimality of the solution

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  • The Theory of Moral Sentiments — was written by Adam Smith in 1759. It provided the ethical, philosophical, psychological and methodological underpinnings to Smith s later works, including The Wealth of Nations (1776), A Treatise on Public Opulence (1764) (first published in… …   Wikipedia

  • Optimality criterion — In statistics, an optimality criterion provides a measure of the fit of the data to a given hypothesis. The selection process is determined by the solution that optimizes the criteria used to evaluate the alternative hypotheses. The term has been …   Wikipedia

  • Theory of the Second Best — The Theory of the Second Best concerns what happens when one or more optimality conditions are not satisfied in an economic model. Canadian economist Richard Lipsey and Australian American economist Kelvin Lancaster showed in a 1956 paper that if …   Wikipedia

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  • Cutting stock problem — The cutting stock problem is an optimization problem, or more specifically, an integer linear programming problem. It arises from many applications in industry. Imagine that you work in a paper mill and you have a number of rolls of paper of… …   Wikipedia

  • Bargaining problem — The two person bargaining problem is a problem of understanding how two agents should cooperate when non cooperation leads to Pareto inefficient results. It is in essence an equilibrium selection problem; Many games have multiple equilibria with… …   Wikipedia

  • Bargaining Problem — The two person bargaining problem is a problem of understanding how two agents should cooperate when non cooperation leads to Pareto inefficient results. It is in essence an equilibrium selection problem. Many games have multiple equilibria with… …   Wikipedia

  • Golden section search — The golden section search is a technique for finding the extremum (minimum or maximum) of a unimodal function by successively narrowing the range of values inside which the extremum is known to exist. The technique derives its name from the fact… …   Wikipedia

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