Balancing Fairness and Efficiency in an Optimization Model
- URL: http://arxiv.org/abs/2006.05963v1
- Date: Wed, 10 Jun 2020 17:24:42 GMT
- Title: Balancing Fairness and Efficiency in an Optimization Model
- Authors: Violet Xinying Chen, J.N. Hooker
- Abstract summary: A trade-off between fairness and efficiency is an important element of many practical decisions.
We propose a principled and practical method for balancing these two criteria in an optimization model.
We demonstrate the method on problems of realistic size involving healthcare resource allocation and disaster preparation.
- Score: 0.0
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: Optimization models generally aim for efficiency by maximizing total benefit
or minimizing cost. Yet a trade-off between fairness and efficiency is an
important element of many practical decisions. We propose a principled and
practical method for balancing these two criteria in an optimization model.
Following a critical assessment of existing schemes, we define a set of social
welfare functions (SWFs) that combine Rawlsian leximax fairness and
utilitarianism and overcome some of the weaknesses of previous approaches. In
particular, we regulate the equity/efficiency trade-off with a single parameter
that has a meaningful interpretation in practical contexts. We formulate the
SWFs using mixed integer constraints and sequentially maximize them subject to
constraints that define the problem at hand. After providing practical
step-by-step instructions for implementation, we demonstrate the method on
problems of realistic size involving healthcare resource allocation and
disaster preparation. The solution times are modest, ranging from a fraction of
a second to 18 seconds for a given value of the trade-off parameter.
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