In this paper, an efficient algorithm based on the Pascoletti-Serafini
scalarization (PS) approach is proposed to obtain almost uniform
approximations of the entire Pareto front of bi-objective optimization
problems. Five test problems with convex, non-convex, connected, and
disconnected Pareto fronts are applied to evaluate the quality of
approximations obtained by the proposed algorithm. Results are compared with
results of some algorithms including the normal constraint (NC), weighted
constraint (WC), Benson type, differential evolution (DE) with binomial
crossover, non-dominated sorting genetic algorithm-II (NSGA-II), and S
metric selection evolutionary multiobjective algorithm (SMS-EMOA). The
results confirm the effectiveness of the presented bi-objective algorithm in
terms of the quality of approximations of the Pareto front and CPU time. In
addition, two algorithms are presented for approximately solving fractional
programming (FP) problems. The first algorithm is based on an objective
space cut and bound method for solving convex FP problems and the second
algorithm is based on the proposed bi-objective algorithm for solving
nonlinear FP problems. In addition, several examples are provided to
demonstrate the performance of these suggested fractional algorithms.