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Real Estate Market-Based Optimization Algorithm (REMARK): a market-inspired metaheuristic optimization algorithm based on the law of supply and demand

Abstract

In this work, a metaheuristic optimization algorithm is developed based on the idea of interaction between the demanders and the suppliers in the real estate market. After reviewing the basic theory behind the idea, the working principles of the algorithm are developed and explained in details. The proposed framework yields the exploration and exploitation ability of the algorithm and also leads the algorithm to converge to the global maxima. In order to test the performance of the algorithm, 23 well-known benchmark functions of different characteristics are selected from the literature and the results are compared with seven metaheuristic algorithms. The algorithm is also evaluated on two engineering design problems. Results show the comparable performance of the REMARK and verify its potential to solve the optimization problems.

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Data availability

The datasets generated during and/or analyzed during the current study are available from the corresponding author on reasonable request. MATLAB® codes for the proposed algorithm are available publicly at https://github.com/navideqra/REMARK.

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Funding

This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.

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Authors and Affiliations

Authors

Contributions

Hadi Nobahari: Main idea, Final review, Supervision. Navid Eqra: Analysis, Modeling, Implementation, Simulation, Writing. Ariyan Bighashdel: Preliminary analysis.

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Correspondence to Hadi Nobahari.

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The authors declare that they have no conflict of interest.

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Appendix

Appendix

See Table 10.

Table 10 Formulation of the benchmark functionsa

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Nobahari, H., Eqra, N. & Bighashdel, A. Real Estate Market-Based Optimization Algorithm (REMARK): a market-inspired metaheuristic optimization algorithm based on the law of supply and demand. J Ambient Intell Human Comput (2022). https://doi.org/10.1007/s12652-022-04332-8

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Keywords

  • Optimization
  • Metaheuristic
  • Human-based
  • Supply
  • Demand
  • Game theory