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Ranking Alternatives by Pairwise Comparisons Matrix and Priority Vector

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  • Jaroslav Ramík

Abstract

The decision making problem considered here is to rank n alternatives from the best to the worst, using information given by the decision maker(s) in the form of an n×n pairwise comparisons (PC) matrix. We investigate pairwise comparisons matrices with elements from a real interval which is a traditional multiplicative approach used in Analytic hierarchy process (AHP). Here, we deal with two essential elements of AHP: measuring consistency of PC matrix and the method of eliciting the priority vector by which the final ranking of alternatives is derived. Classical approaches introduced by T. Saaty in AHP are compared with later approaches based on the AHP criticism published in the literature. Advantages and disadvantages of both approaches are highlighted and discussed. JEL Codes - C44

Suggested Citation

  • Jaroslav Ramík, 2017. "Ranking Alternatives by Pairwise Comparisons Matrix and Priority Vector," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 64(4), pages 85-95, December.
    • Handle: RePEc:aic:saebjn:v:64:y:2017:i:4:p:85-95:n:94
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    References listed on IDEAS

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    1. Bana e Costa, Carlos A. & Vansnick, Jean-Claude, 2008. "A critical analysis of the eigenvalue method used to derive priorities in AHP," European Journal of Operational Research, Elsevier, vol. 187(3), pages 1422-1428, June.
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    More about this item

    Keywords

    pairwise comparisons matrix; priority vector; ranking alternatives; analytic hierarchy process; AHP;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory

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