Incorporating wealth information into a multiple criteria decision making model

Karasakal E., Michalowski W.

EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, cilt.150, sa.1, ss.204-219, 2003 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 150 Sayı: 1
  • Basım Tarihi: 2003
  • Doi Numarası: 10.1016/s0377-2217(02)00468-x
  • Dergi Adı: EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus
  • Sayfa Sayıları: ss.204-219
  • Anahtar Kelimeler: multiple criteria analysis, behavioral considerations, decisional wealth, trade-offs, CHOICE
  • Orta Doğu Teknik Üniversitesi Adresli: Evet

Özet

We describe how a multiple criteria decision making (MCDM) modelling framework can be extended to account for one of the behavioral ramifications of a decision making activity, namely, the decision maker's (I)M's) perception of his/her current wealth status, referred to as decisional wealth. Within the MCDM framework, decisional wealth reflects the relative achievements of each of the objectives in a given efficient solution. It is our argument that a DM's preferences and the importance of his/her objectives, vary depending on the decisional wealth. Therefore, we use the wealth information and trade-off analysis to guide the search for preferred outcomes. We identify efficient solutions that satisfy a DM's wealth-dependent preferences, and we illustrate the proposed modelling framework with an example. (C) 2002 Elsevier Science B.V. All rights reserved.