The Use of Evolutionary Algorithms for Optimization in the Modern Entrepreneurial Economy: Interdisciplinary Perspective

Abstract

Objective: The objective of the article is to present the concept of evolutionary algorithms and indicates the possibility of their implementation for the needs of the economy, especially the entrepreneurial economy.

Research Design & Methods: This conceptual article relies on literature review and desk research. The article elaborates on available literature via a systematic literature review methodology.

Findings: The article elaborates on the idea of action and typology of evolutionary algorithms as the broadly applied search and optimisation technique based on
Darwin’s theory of evolution and modern natural genetics. The article focuses on the examples of evolutionary algorithms application in economics and management.

Implications & Recommendations: The current state of applications of evolutionary algorithms for the needs of the economy and business confirms that we still await an implementation breakthrough. The growing interest in evolutionary algorithms in connection with the dynamic development of information technologies may lead to the use of evolutionary algorithms in hybrid systems, which in turn will contribute to significant progress in optimization theory.

Contribution & Value Added: The article structures scientific knowledge on the application of evolutionary algorithms in business and economy. The promotion of the application of evolutionary algorithms in economics, finance, and management is mainly limited to journals in operational research, decision-making process, or financial engineering, whereas this article includes entrepreneurship.

Keywords

evolutionary algorithms, genetic algorithms, computational techniques, optimization techniques, entrepreneurial economy

Author Biography

Marek Sieja

assistant professor at Cracow University of Technology (Poland), Department of Automatics and Informatics. PhD in electrotechnics (2016), MSc Eng. in computer engineering (2000). His research interests include electrotechnics, metrology, information and communication technologies, e-business.

Krzysztof Wach

full professor at Cracow University of Economics (Poland), full professor at the University of Social Sciences in Łódź (Poland). Professor of social sciences (2020), Habilitation (dr hab.) in economics (2013), PhD in management (2006), MSc in international economics (2001). His research interests include international business, international entrepreneurship, EU studies, entrepreneurship and innovation, family firms. Member of AIB (Academy of International Business) and EIBA (European International Business Academy). Editor-in-Chief of ‘Entrepreneurial Business and Economics Review’ (Scopus, ESCI WoS). Associate Editor of various journals incl. ‘European Journal of International Management’ (SCI WoS), ‘Central European Management Journal’ (Scopus, ESCI WoS), ‘Agris on-line Papers in Economics and Informatics’ (Scopus) or ‘European Integration Studies’ (ESCI WoS). Member of the Committee for Economic Sciences of Polish Academy of Sciences (since 2020). Served as expert on entrepreneurship for the European Commission and OECD (2012-2019)