MULTI-ATTRIBUTE DECISION-MAKING METHODS–INDIFFERENCE ASSESSMENTS

Authors

DOI:

https://doi.org/10.7251/ACE1931089R

Keywords:

multi-attribute decision-making methods, indifference methods, additive model, multiplicative model, multiple linear model, weighting

Abstract

Real situations are based on multiple attributes or criteria. If the assessment problem has multiple dimensions of value, then intuitive judgments can be very difficult. In many situations, the ultimate assessment seems very difficult, especially when the decision maker chooses one of a set of possible options in an unfamiliar environment. This paper analyzes indifference value measurement methods. Indifference value measurement methods rely on studies of indifference (indifference assessments) or comparison of strength of preferences. The values that the decision maker gives to the attributes reflect his preferences, ie. utilities. Utility is only a way to describe preferences. The process of determining (functions) values is only one form of sequential determination of utility.

References

Atadil, H. A., Sirakaya-Turk, E., Meng, F., & Decrop, A. (2018). Exploring travelers’ decision-making styles. International Journal of Contemporary Hospitality Management, 30(1), 618-636. doi.org/10.1108/IJCHM-11-2016-0613.

Brauers, W.K.M. (2004). Optimization methods for a stakeholder society. A revolution in economic thinking by multiobjective optimization: Nonconvex Optimization and its Applications, Kluwer Academic Publishers, Boston, USA.

Dyer, J. S., & Sarin, R. K. (1979). Measurable multiattribute value functions. Operations research, 27(4), 810-822. doi.org/10.1287/opre.27.4.810

Goodwin, P. (2008). Decision Analysis for Management Judgment 3rd Ed, Utah Valley University.

Zardari, N. H., Ahmed, K., Shirazi, S. M., & Yusop, Z. B. (2015). Weighting methods and their effects on multi-criteria decision making model outcomes in water resources management. Springer. doi.org/10.1007/978-3-319-12586-2

Žižović, M. (2018). NEW MULTI-CRITERIA VALORIZATION OF HUNTING TOURISM DESTINATION. Quaestus, (12), 77-83.

Žižović, M.R., Damljanović, N., Pavlović, K., Janjić, M. (2016). Modification of Fuller’s triangle method for calculation of weighted coefficients in MCDM models. Proc. UNITECH Gabrovo, p. IV166-IV170.

Zizovic, M. M., Damljanovic, N., & Zizovic, M. R. (2016). Multiplicative multi-criteria analysis method for decision-making. Maejo International Journal of Science and Technology, 10(2), 233-241. doi.org/10.2298/fil1710981z

Miljković, B., Žižović, M. R., Petojević, A., & Damljanović, N. (2017). New weighted sum model. Filomat, 31(10), 2991-2998. doi.org/10.2298/fil1710991m

Santocanale, L., & Wehrung, F. (2018). The equational theory of the weak order on finite symmetric groups. doi.org/10.4171/jems/804

Станић, С., Рачић, Ж. (2019). Економско-математички модели и методе, Универзитет у Бањој Луци, Економски факултет.

Triantaphyllou, E. (2000). Multi-criteria decision making methods. In Multi-criteria decision making methods: A comparative study (pp. 5-21). Springer, Boston, MA. doi.org/10.1007/978-1-4757-3157-6_2

Downloads

Published

2019-12-31

Issue

Section

Review Scientific Paper

How to Cite

MULTI-ATTRIBUTE DECISION-MAKING METHODS–INDIFFERENCE ASSESSMENTS. (2019). Acta Economica, 17(31), 89-105. https://doi.org/10.7251/ACE1931089R

Similar Articles

1-10 of 149

You may also start an advanced similarity search for this article.