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1.224J: Recitation #1

1.224J: Recitation #1. Linear programming Modeling and solution in Excel. LP basics. Minimize (A linear function) Subject to (A collection of linear constraints, which are linear equalities and

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1.224J: Recitation #1

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  1. 1.224J: Recitation #1 Linear programming Modeling and solution in Excel

  2. LP basics • Minimize (A linear function) • Subject to (A collection of linear • constraints, which are • linear equalities and • linear inequalities) • *Important note: linear in decision variables, not necessarily other data

  3. Typical modeling steps • Write down problem data [known information you have values for] • Write down decision variables • Choose what your objective is • Write down problem mathematically, implement in Excel

  4. New England Fisheries Crisis • Optimal allocation of fishing quotas to fishing fleets.

  5. New England Fisheries background • Historically, fishing (cod in particular) has been an in important livelihood along the northeast coast. • Since the 1980’s cod levels have dropped dramatically. • Today, the challenge is to find a balance between fishermen’s livelihoods and ecosystem sustainability.

  6. Quota system • A successful approach in Iceland, might be tried here. • Each fishing company is assigned, or auctioned, a quota for amount of fish they can catch in a certain time frame and a certain region. • QUESTION: How to allocate quotas?

  7. Optimal quota allocation model

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