Let's demonstrate quite a straightforward approach:
With[{ lst = #1^0 + #2 + #3^2 + #4^3 + #5^4 & @@@ Permutations[{1/10, 1/2, 4/7, 3/5, 2/3}]},
Position[lst, Max @ lst]]
{{12}}
Permutations[{1/10, 1/2, 4/7, 3/5, 2/3}][[12]]
{1/10, 4/7, 2/3, 3/5, 1/2}
#1^0 + #2 + #3^2 + #4^3 + #5^4 & - a pure function of 5 variables, an equivalent of a common definition like f[x_, y_, u_, w_, z_] := x^0 + y + u^2 + w^3 + z^4.
Edit
Here we define a bit more general function mp which can work with lists of arbitrary length and therefore instead of playing with a pure function #1^0 + #2 + #3^2 + ... + #n^(n-1) & like above, we can take advantage of Inner since now it becomes especially handy (in case of lists of constant length it wouldn't be really better).
The only limitation of this approach is that generation of all permutations needs much memory (exponentially increasing with the length of the input list).
mp[lst_List] := Module[{ prm = Permutations[lst], vls},
vls = Inner[ Power, #, Range[0, Length[lst] - 1], Plus]& @ prm;
prm[[#]] & @@@ Position[ vls, Max @ vls] ]
Let's check the above result:
mp[{1/10, 1/2, 4/7, 3/5, 2/3}]
{{1/10, 4/7, 2/3, 3/5, 1/2}}
so it works as we'd expect. A bit longer list needs significantly more time (and memory) for the evaluation process, but mp can also provide an adequate permutation:
mp[{7/8, 1/7, 4/5, 3/10, 2/3, 5/9, 7/12, 1/6, 12/17}]
{{1/7, 2/3, 12/17, 4/5, 7/8, 7/12, 5/9, 3/10, 1/6}}
and finally we provide an obvious result:
mp[{1, 2, 3}]
mp[{3, 1, 2}] == mp[{1, 2, 3}]
{{1, 2, 3}}
True
NMinimize)? – Daniel Lichtblau Jun 15 '13 at 21:12