Generic Pareto local search metaheuristic for optimization of targeted offers in a bi-objective direct marketing campaign

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• dc.contributor.author Coelho, Vitor Nazário
• dc.contributor.author Oliveira, Thays Aparecida de
• dc.contributor.author Coelho, Igor Machado
• dc.contributor.author Coelho, Bruno N.
• dc.contributor.author Fleming, Peter J.
• dc.contributor.author Guimarães, Frederico G.
• dc.contributor.author Ramalhinho-Lourenço, Helena
• dc.contributor.author Souza, Marcone Jamilson Freitas
• dc.contributor.author Talbi, El-Ghazali
• dc.contributor.author Lust, Thibaut
• dc.date.accessioned 2020-04-21T08:32:40Z
• dc.date.available 2020-04-21T08:32:40Z
• dc.date.issued 2016
• dc.description.abstract Cross-selling campaigns seek to offer the right products to the set of customers with the goal of maximizing expected profit, while, at the same time, respecting the purchasing constraints set by investors. In this context, a bi-objective version of this NP-Hard problem is approached in this paper, aiming at maximizing both the promotion campaign total profit and the risk-adjusted return, which is estimated with the reward-to-variability ratio known as Sharpe ratio. Given the combinatorial nature of the problem and the large volume of data, heuristic methods are the most common used techniques. A Greedy Randomized Neighborhood Structure is also designed, including the characteristics of a neighborhood exploration strategy together with a Greedy Randomized Constructive technique, which is embedded in a multi-objective local search metaheuristic. The latter combines the power of neighborhood exploration by using a Pareto Local Search with Variable Neighborhood Search. Sets of non-dominated solutions obtained by the proposed method are described and analyzed for a number of problem instances.en
• dc.description.sponsorship The authors would like to thank Brazilian agency CAPES, CNPq (grants 305506/2010-2, 552289/2011-6, 306694/2013-1 and 312276/2013-3), FAPEMIG (grants APQ-04611-10, PPM CEX497-13) and FP7 CORDIS, “New Horizons for Multi Criteria Decision Making”, for supporting the development of this work. Helena Ramalhinho was also partially supported by the Spanish Ministry of Economy and Competitiveness (TRA2013- 48180-C3-P, TRA2015-71883-REDT).
• dc.format.mimetype application/pdf
• dc.identifier.citation Coelho VN, Oliveira TA, Coelho IM, Coelho BN, Fleming PJ, Guimaraes FG, Ramalhinho H, Souza MJF. Talbi EG, Lust T. Generic Pareto local search metaheuristic for optimization of targeted offers in a bi-objective direct marketing campaign. Comput Oper Res. 2016 Sep 12;78:578-87. DOI: 10.1016/j.cor.2016.09.008
• dc.identifier.doi http://dx.doi.org/10.1016/j.cor.2016.09.008
• dc.identifier.issn 0305-0548
• dc.identifier.uri http://hdl.handle.net/10230/44287
• dc.language.iso eng
• dc.publisher Elsevier
• dc.relation.ispartof Computers & Operations Research. 2016 Sep 12;78:578-87
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/TRA2013- 48180-C3-P
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/TRA2015-71883-REDT
• dc.rights © Elsevier http://dx.doi.org/10.1016/j.cor.2016.09.008
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.subject.keyword Direct marketing campaignen
• dc.subject.keyword Sharpe ratioen
• dc.subject.keyword Cross-sellingen
• dc.subject.keyword Metaheuristicsen
• dc.subject.keyword Multi-objective optimizationen
• dc.subject.keyword Pareto Local Searchen
• dc.title Generic Pareto local search metaheuristic for optimization of targeted offers in a bi-objective direct marketing campaignen
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/acceptedVersion