For N\geq 2
, a bounded smooth domain \Omega
in \mathbb {R}^{N}
, and g_0,\, V_0 \in L^{1}_{loc}(\Omega )
, we study the optimization of the first eigenvalue for the following weighted eigenvalue problem:
-\Delta_p \phi + V |\phi|^{p-2}\phi = \lambda g |\phi|^{p-2}\phi \text{ in } \Omega, \quad \phi=0 \text{ on } \partial \Omega,

where
g
and
V
vary over the rearrangement classes of
g_0
and
V_0
, respectively. We prove the existence of a minimizing pair
(\underline {g},\,\underline {V})
and a maximizing pair
(\overline {g},\,\overline {V})
for
g_0
and
V_0
lying in certain Lebesgue spaces. We obtain various qualitative properties such as polarization invariance, Steiner symmetry of the minimizers as well as the associated eigenfunctions for the case
p=2
. For annular domains, we prove that the minimizers and the corresponding eigenfunctions possess the foliated Schwarz symmetry.