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PIIPTI, or the Principle of Increasing Irrelevance of Preference Type Information

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  • Rosinger, Elemer Elad

Abstract

It is shown that in the case of a single decision maker who optimizes several possibly conflicting objectives, the amount of information available in preference relations among pairs of possible decisions, when compared with all other possible information, is tending to zero exponentially with the number of those different objectives. Consequently, in the case of a larger number of conflicting objectives, the only way to obtain a satisfactory amount of information is by the use of non-preference type relations among possible decisions.

Suggested Citation

  • Rosinger, Elemer Elad, 2005. "PIIPTI, or the Principle of Increasing Irrelevance of Preference Type Information," MPRA Paper 27981, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:27981
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    References listed on IDEAS

    as
    1. Ken Binmore, 1988. "Game Theory and Social Contract Mark II," STICERD - Theoretical Economics Paper Series 170, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
    2. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58(4), pages 328-328.
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    More about this item

    Keywords

    single decision maker; multiple criteria decision making; increasing irrelevance of preference type information;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C0 - Mathematical and Quantitative Methods - - General
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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