State-of-the-art in aerodynamic shape optimisation methods

Aerodynamic optimisation has become an indispensable component for any aerodynamic design over the past 60 years, with applications to aircraft, cars, trains, bridges, wind turbines, internal pipe flows, and cavities, among others, and is thus relevant in many facets of technology. With advancements in computational power, automated design optimisation procedures have become more competent, however, there is an ambiguity and bias throughout the literature with regards to relative performance of optimisation architectures and employed algorithms. This paper provides a well-balanced critical review of the dominant optimisation approaches that have been integrated with aerodynamic theory for the purpose of shape optimisation. A total of 229 papers, published in more than 120 journals and conference proceedings, have been classified into 6 different optimisation algorithm approaches. The material cited includes some of the most well-established authors and publications in the field of aerodynamic optimisation. This paper aims to eliminate bias toward certain algorithms by analysing the limitations, drawbacks, and the benefits of the most utilised optimisation approaches. This review provides comprehensive but straightforward insight for non-specialists and reference detailing the current state for specialist practitioners

A clustering particle swarm optimizer for locating and tracking multiple optima in dynamic environments

This article is posted here with permission from the IEEE - Copyright @ 2010 IEEEIn the real world, many optimization problems are dynamic. This requires an optimization algorithm to not only find the global optimal solution under a specific environment but also to track the trajectory of the changing optima over dynamic environments. To address this requirement, this paper investigates a clustering particle swarm optimizer (PSO) for dynamic optimization problems. This algorithm employs a hierarchical clustering method to locate and track multiple peaks. A fast local search method is also introduced to search optimal solutions in a promising subregion found by the clustering method. Experimental study is conducted based on the moving peaks benchmark to test the performance of the clustering PSO in comparison with several state-of-the-art algorithms from the literature. The experimental results show the efficiency of the clustering PSO for locating and tracking multiple optima in dynamic environments in comparison with other particle swarm optimization models based on the multiswarm method.This work was supported by the Engineering and Physical Sciences Research Council of U.K., under Grant EP/E060722/1

Evolutionary estimation of a Coupled Markov Chain credit risk model

There exists a range of different models for estimating and simulating credit risk transitions to optimally manage credit risk portfolios and products. In this chapter we present a Coupled Markov Chain approach to model rating transitions and thereby default probabilities of companies. As the likelihood of the model turns out to be a non-convex function of the parameters to be estimated, we apply heuristics to find the ML estimators. To this extent, we outline the model and its likelihood function, and present both a Particle Swarm Optimization algorithm, as well as an Evolutionary Optimization algorithm to maximize the likelihood function. Numerical results are shown which suggest a further application of evolutionary optimization techniques for credit risk management

Particle Swarm Optimization with non-smooth penalty reformulation for a complex portfolio selection problem

In the classical model for portfolio selection the risk is measured by the variance of returns. It is well known that, if returns are not elliptically distributed, this may cause inaccurate investment decisions. To address this issue, several alternative measures of risk have been proposed. In this contribution we focus on a class of measures that uses information contained both in lower and in upper tail of the distribution of the returns. We consider a nonlinear mixed-integer portfolio selection model which takes into account several constraints used in fund management practice. The latter problem is NP-hard in general, and exact algorithms for its minimization, which are both effective and efficient, are still sought at present. Thus, to approximately solve this model we experience the heuristics Particle Swarm Optimization (PSO). Since PSO was originally conceived for unconstrained global optimization problems, we apply it to a novel reformulation of our mixed-integer model, where a standard exact penalty function is introduced.Portfolio selection, coherent risk measure, fund management constraints, NP-hard mathematical programming problem, PSO, exact penalty method, SP100 index's assets.

Firefly Algorithms for Multimodal Optimization

Nature-inspired algorithms are among the most powerful algorithms for optimization. This paper intends to provide a detailed description of a new Firefly Algorithm (FA) for multimodal optimization applications. We will compare the proposed firefly algorithm with other metaheuristic algorithms such as particle swarm optimization (PSO). Simulations and results indicate that the proposed firefly algorithm is superior to existing metaheuristic algorithms. Finally we will discuss its applications and implications for further research