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

Authors

  • Danijel Mlinarić Faculty of Economics and Business, University of Zagreb
  • Tunjo Perić Faculty of Economics and Business, University of Zagreb
  • Josip Matejaš Faculty of Economics and Business, University of Zagreb

Abstract

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.

Author Biography

Danijel Mlinarić, Faculty of Economics and Business, University of Zagreb

Department for Mathematics

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Published

2019-07-04

Issue

Volume 10 (2019), Number 1

Section

CRORR Journal Regular Issue

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