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.