Applications of simulated annealing in market research
Simulated annealing (SA) is an iterative heuristic method that can efficiently find the optimum or near-optimum solution to many combinatorial problems (i.e. problems where the best arrangement of a set of items is sought). When the number of items is large, an exhaustive evaluation of all possible arrangements is impractical.
For example, suppose that you, your brother and your sister inherit your uncle’s 12 precious stamp albums, of differing value, with instructions that each of you is to receive four albums of equal total value (or as nearly...