Global optimization approach to utility maximization problem

Abstract:

We consider the utility maximization problem for oligopsonistic market which is nonconvex optimization problem. Unlike the utility maximization for competitive market, the problem belongs to a class of global optimization. The purpose of this paper is to develop a theory and method for the above problem. We derive a new global optimality condition for our problem and based on this we propose a method which converges globally. Some test problems are examined.

Año de publicación:

2015

Keywords:

• algorithm
• Utility maximization problem
• Global optimality condition
• Oligopsonistic market

Fuente:

scopus