A hybrid systematic design for multiobjective market problems: a case study in crude oil markets

  • Authors:
  • M. R. Gholamian;S. M. T. Fatemi Ghomi;M. Ghazanfari

  • Affiliations:
  • Department of Industrial Engineering, Amirkabir University of Technology, 424 Hafez Avenue, Tehran 15875-4413, Iran;Department of Industrial Engineering, Amirkabir University of Technology, 424 Hafez Avenue, Tehran 15875-4413, Iran;Department of Industrial Engineering, Iran University of Science and Technology, Narmak 16844, Tehran, Iran

  • Venue:
  • Engineering Applications of Artificial Intelligence
  • Year:
  • 2005

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Abstract

This paper studies an application of hybrid systematic design in multiobjective market problems. The target problem is suggested as unstructured real world problem such that the objectives cannot be expressed mathematically and only a set of historical data is utilized. Obviously, traditional methods and even meta-heuristic methods are broken in such cases. Instead, a systematic design using the hybrid of intelligent systems, particularly fuzzy rule base and neural networks can guide the decision maker towards noninferior solutions. The system does not stay in search phase. It also supports the decision maker in selection phase (after the search) to analyze various noninferior points and select the best ones based on the desired goal levels. In addition, numerical examples of real crude oil markets are provided to clarify the accuracy and performance of the developed system.