We provide an asymptotic analysis of the quadratic knapsack problem.
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We show that an easy heuristic produces solutions which are almost optimal for large classes of test instances.
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These include the standard benchmark instances of Gallo et al. (1980).
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Hence using them for evaluating the performance of (meta-) heuristics is not very meaningful.
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We give a new class of test instances that should be hard to solve.
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