Group decision making with incomplete information:a dominance and quasi-optimality volume-based approach using Monte-Carlo simulation

Paula Sarabando; Luís C. Dias; Rudolf Vetschera

doi:10.1111/itor.12315

Group decision making with incomplete information:a dominance and quasi-optimality volume-based approach using Monte-Carlo simulation

Paula Sarabando, Luís C. Dias, Rudolf Vetschera

Department of Business Decisions and Analytics

Publications: Contribution to journal › Article › Peer Reviewed

Abstract

In this paper, we present a comprehensive framework for multiattribute group decision making considering that neither information about individual preferences nor the importance of individual decision makers for the group is available in exact form. We study several different forms of incomplete preference information, including a ranking of attribute weights, ranking of values of alternatives in each attribute, and ranking of value differences. Our approach is based on relative volumes in parameter space and allows for probabilistic statements about different results, including optimality or quasi-optimality of alternatives, or relations between alternatives.

Original language	English
Pages (from-to)	318-339
Number of pages	22
Journal	International Transactions in Operational Research
Volume	26
Issue number	1
Early online date	14 Jun 2016
DOIs	https://doi.org/10.1111/itor.12315
Publication status	Published - Jan 2019

Austrian Fields of Science 2012

502052 Business administration

Keywords

MR
BWL
CRITERIA
IMPRECISE INFORMATION
group decisions
multiple criteria analysis
additive model
incomplete information
POTENTIAL OPTIMALITY
RANKING
SUPPORT
METHODOLOGY
MODELS
ordinal information
MULTICRITERIA ACCEPTABILITY ANALYSIS
PREFERENCE
UTILITY

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10.1111/itor.12315

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abstract = "In this paper, we present a comprehensive framework for multiattribute group decision making considering that neither information about individual preferences nor the importance of individual decision makers for the group is available in exact form. We study several different forms of incomplete preference information, including a ranking of attribute weights, ranking of values of alternatives in each attribute, and ranking of value differences. Our approach is based on relative volumes in parameter space and allows for probabilistic statements about different results, including optimality or quasi-optimality of alternatives, or relations between alternatives.",

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author = "Paula Sarabando and Dias, {Lu{\'i}s C.} and Rudolf Vetschera",

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Group decision making with incomplete information:a dominance and quasi-optimality volume-based approach using Monte-Carlo simulation

Abstract

Austrian Fields of Science 2012

Keywords

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