Towards a framework to combine multiobjective optimization and econometrics and an application in economics of education
MetadataShow full item record
Multiple objective decision-makingEconometricsMultiobjective optimizationEconomics of education
Towards a framework to combine multiobjective optimization and econometrics and an application in economics of education Mariano Luque, Oscar D. Marcenaro-Gutierrez, Sandra González-Gallardo and Ana B. Ruiz RAIRO-Oper. Res., 56 3 (2022) 2015-2035 [https://doi.org/10.1051/ro/2022084]
SponsorshipSpanish Ministry of Science and Innovation (project PID2020-115429GB-I00); Andalusian Regional Ministry of Economy, Knowledge, Business and University (PAI group SEJ-532 and project UMA18-FEDERJA-024, also supported by FEDER funding); University of Malaga (project B1-2020 18); “Ayudas para la Recualificación del Sistema Universitario Español, Modalidad Margarita Salas”, financiado por la Unión Europea – NextGenerationEU
In this paper, we propose a theoretical framework that combines econometric and multiobjective programming methodologies to help researchers to identify and achieve optimal solutions to socio-economic and management problems. Sometimes, it is important to analyse which combination of values of the explanatory variables -in an econometric model- would imply the simultaneous achievement of the best values of the response variables. In such situations, if certain degree of conflict is observed among the response variables, we propose to formulate a multiobjective optimization problem based on the conclusions obtained from a regression analysis. Subsequently, the application of multiobjective optimization techniques allows gaining a better insight about the conflicting relation between the response variables, and how a balanced “optimal” situation among them could be achieved. This piece of information can be hardly extracted just by econometric techniques. An application in the field of economics of education, related to the analysis of the students’ well-being as a way to improve their academic performance, demonstrates the potential of our proposal.