A New Mathematical Model to Design Optimum Denomination of Coins and Banknotes Range (ODCBR) مقاله

"In this paper, we aim at modeling this process where denomination range of banknotes and coins are optimized through a mathematical model in which all parameters are assumed to be certain in a single period in any economy. This paper introduces a new mathematical model where denomination range of banknotes and coins are optimized subject to certainty of all parameters in a single period. In other words, the aim of this paper is to present an optimization model which is able to select the best denomination range of banknotes and coins in a normal economy where they can be consistent for each economy. It is noted that by the objective function (2), total number of used banknotes and coins are minimized through optimization process and the model has to find balanced solution which can satisfy both two aspects of the problem. The aim of the proposed model and also computational results was to prove the best denomination range of banknotes (100, 500, 2000, 5000 and 10000) and coins (2, 5, 10, 20 and 50) under an optimization and mathematical model in a normal economy with conventional limitations where the achieved results as can be observed above are consistent with previous statistical and empirical results. 4. Conclusion and Future Directions: We introduced a new contribution at modeling in this paper to answer how an individual selects optimum coins and banknotes to fulfill his / her payment where denomination range of banknotes and coins were optimized through a mathematical model in which all parameters are assumed to be certain in a single period."