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Platinum ratio search versus golden ratio search

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  • Pan, Xia

Abstract

In this simulation study, we examine the traditional golden ratio search in view of cost minimization and search risk, and propose an alternative search plan with what we call "platinum ratio". The golden ratio search has been thought the best for unimodal optimization. However, our study shows that the golden ratio search is the best only in the sense of zero variation, but not in the sense of minimum cost. In the sense of cost minimization without considering search risk, the best sectioning ratio is around 0.55 (we name it as platinum ratio), rather than the golden ratio, 0.618.

Suggested Citation

  • Pan, Xia, 2008. "Platinum ratio search versus golden ratio search," Omega, Elsevier, vol. 36(6), pages 1053-1056, December.
    • Handle: RePEc:eee:jomega:v:36:y:2008:i:6:p:1053-1056
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    References listed on IDEAS

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    1. Steven Nahmias, 1979. "Simple Approximations for a Variety of Dynamic Leadtime Lost-Sales Inventory Models," Operations Research, INFORMS, vol. 27(5), pages 904-924, October.
    2. Disney, S. M. & Towill, D. R. & van de Velde, W., 2004. "Variance amplification and the golden ratio in production and inventory control," International Journal of Production Economics, Elsevier, vol. 90(3), pages 295-309, August.
    3. Lipovetsky, S. & Lootsma, F. A., 2000. "Generalized golden sections, repeated bisections and aesthetic pleasure," European Journal of Operational Research, Elsevier, vol. 121(1), pages 213-216, February.
    4. Hendrick, John S & Wallace, William A & Brown, Severn P, 1973. "Search techniques for zinc ore using computer simulation," Omega, Elsevier, vol. 1(6), pages 771-775, December.
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    Cited by:

    1. Wang, John & Yan, Ruiliang & Hollister, Kimberly & Zhu, Dan, 2008. "A historic review of management science research in China," Omega, Elsevier, vol. 36(6), pages 919-932, December.

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