Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
4959487 | European Journal of Operational Research | 2017 | 19 Pages |
Abstract
We present a novel optimisation approach for incentive contract design within a project setting. the structure of the remuneration is one of the key challenges faced by the project owner when (s)he decides to hire a contractor. The proposed technique builds on the recently proposed contract design methodology by Kerkhove and Vanhoucke (Omega, 2015). Specifically, a novel multi-objective scatter search heuristic is proposed and implemented using parallelisation. Both single- and multi-population implementations of this heuristic are compared to the original full-factorial approach as well as commercial optimisation software. The results of the computational experiments indicate that the single-population parallel scatter search procedure significantly outperforms the other solution strategies in terms of both speed and solution quality.
Related Topics
Physical Sciences and Engineering
Computer Science
Computer Science (General)
Authors
L.-P. Kerkhove, M. Vanhoucke,