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Title:

A Hybrid Agent-Based Computational Economics and Optimization Approach for Supplier Selection Problem
Cover of A Hybrid Agent-Based Computational Economics and Optimization Approach for Supplier Selection Problem

Accession Number:

01592816

Record Type:

Component

Abstract:

Supplier evaluation and selection problem is among the most important logistics decisions that have been addressed extensively in supply chain management. This logistics decision is also important in freight transportation since it identifies trade relationships between business establishments and determine commodity flows between production and consumption points. The commodity flows are then used as input to freight transportation models to determine freight movements and their characteristics including mode choice and shipment size. Various approaches have been proposed to explore this problem in previous studies. Traditionally, potential suppliers are evaluated and selected using only price/cost as the influential criteria and the state-of-practice methods. This paper introduces a hybrid agent-based computational economics and optimization approach for supplier selection. The proposed model combines agent-based multi-criteria supplier evaluation approach with a multi-objective optimization model to capture both behavioral and economical aspects of supplier selection process. The model uses a system of ordered response models to determine importance weights of different criteria in supplier evaluation from buyers’ point of view. The estimated weights are then used to calculate a utility for each potential supplier in the market and rank them. The calculated utilities enter a mathematical programming model in which best suppliers are selected by maximizing the total accrued utility by all buyers and minimizing total shipping costs while considering the supply capacity of supplier to ensure the market clearing mechanism. The proposed model is implemented in an operational agent-based supply chain and freight transportation model for the Chicago Metropolitan Area.

Supplemental Notes:

This paper was sponsored by TRB committee AT015 Standing Committee on Freight Transportation Planning and Logistics. Alternate title: Hybrid Agent-Based Computational Economics and Optimization Approach for Supplier Selection Problem.

Monograph Accession #:

01584066

Report/Paper Numbers:

16-4865

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Pourabdollahi, Zahra
Karimi, Behzad
Mohammadian, Kouros
Kawamura, Kazuya

Pagination:

20p

Publication Date:

2016

Conference:

Transportation Research Board 95th Annual Meeting

Location: Washington DC, United States
Date: 2016-1-10 to 2016-1-14
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; References; Tables

Geographic Terms:

Chicago (Illinois)

Subject Areas:

Economics; Freight Transportation; Planning and Forecasting

Source Data:

Transportation Research Board Annual Meeting 2016 Paper #16-4865

Files:

PRP, TRIS, TRB, ATRI

Created Date:

Jan 12 2016 6:08PM