Abstract
Thermoeconomic analyses in thermal system design are always focused on the economic objective. However, knowledge of only the economic minimum may not be sufficient in the decision making process, since solutions with a higher thermodynamic efficiency, in spite of small increases in total costs, may result in much more interesting designs due to changes in energy market prices or in energy policies. This paper suggests how to perform a multi-objective optimization in order to find solutions that simultaneously satisfy exergetic and economic objectives. This corresponds to a search for the set of Pareto optimal solutions with respect to the two competing objectives. The optimization process is carried out by an evolutionary algorithm, that features a new diversity preserving mechanism using as a test case the well-known CGAM problem.
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