Bi-Objective Optimization: A Pareto Method with Analytical Solutions

Abstract

Multiple objectives to be optimized simultaneously are prevalent in real-life problems. This paper develops a new Pareto Method for bi-objective optimization which yields analytical solutions. The Pareto optimal front is obtained in closed-form, enabling the derivation of various solutions in a convenient and efficient way. The advantage of analytical solution is the possibility of deriving accurate, exact and well-understood solutions, which is especially useful for policy analysis. An extension of the method to include multiple objectives is provided with the objectives being classified into two types. Such an extension expands the applicability of the developed techniques.