Multi-objective programming methodology for solving economic diplomacy resource allocation problem

Economic diplomacy is an important prerequisite for achieving the economic goals of any country. The issue is worth analysing from several aspects. Since there is a lack of literature in the field, this paper may be one of the first steps in this direction. It focuses on a clear exposition and expla...

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Bibliographic Details
Published in:Croatian Operational Research Review 2019-01, Vol.10 (1), p.165-174
Main Authors: Mlinarić, Danijel, Perić, tunjo, Matejaš, Josip
Format: Article
Language:English
Subjects:
Budgets
Decision making
Diplomacy
Diplomatic & consular services
Economic analysis
economic diplomacy
Economic models
Efficiency
Foreign investment
Fuzzy sets
Goal programming
Integer programming
International trade
Linear programming
Macroeconomics
Mathematical programming
Methodology
multi-objective programming
Multiple objective analysis
Portfolio investments
Resource allocation
Trade agreements
Trends
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Summary:Economic diplomacy is an important prerequisite for achieving the economic goals of any country. The issue is worth analysing from several aspects. Since there is a lack of literature in the field, this paper may be one of the first steps in this direction. It focuses on a clear exposition and explanation of multi-objective programming methodology and its connection with economic diplomacy at the micro-level. This connection is achieved by constructing a model that optimises funds allocation for economic diplomacy costs. The model uses multi-objective programming methodology and takes into account the relevant economic diplomacy funding determinants. It defines measurements of criteria, budget limitation, efficiency maximization, and location. The application of the model is illustrated by a numerical example.
ISSN:1848-9931
1848-0225
1848-9931
DOI:10.17535/crorr.2019.0015