Econometric Society, 1952. 1st Edition. Complete issue. FIRST EDITION, ORIGINAL WRAPS of the 1st PAPER DESCRIBING THE PIONEERING USE OF LINEAR PROGRAMMING TO OPTIMIZE THE OUTPUT OF A REFINERY. Charnes, Cooper, and Mellon formulated the blending of blending aviation gasolines as a linear programming problem. Their work, presented in the paper offered here, represents “the first and most fruitful industrial application of linear programming… So intense were the results that analogous approaches were immediately applied by the oil industry to exploration and production and distribution as well” (Joly, Refinery Production, Braz. J. Chem. Eng. 2, 2012 “The techniques of linear programming are here explained in a commercial application-blending aviation gasolines. Blending is critically important to almost all other areas of programming in an integrated oil company. Intelligent programming of production, transportation, manufacturing, or marketing generally requires solution of blending problems as an initial or integral part of the whole process for it is in blending that the final outputs are determined. “In the first part of the paper, questions of optimum programming in a given technological and institutional structure are explored” (Charnes, Blending, 135). A study of various computational methods follows as does a thorough testing of the validity of the results engendered by each method. Finally, “the sensitivity of the matrix to possible changes in the coefficients is studied” (ibid). Item #1379
CONDITION & DETAILS: Complete issue, April 1952, in original wraps. The front wrap bears the light ownership stamp of the experimental psychologist and economist Philip Nogee. The wraps are a bit sunned; light scuffing at the edges. Bright and clean throughout. Very good condition.