IDEAS home Printed from https://ideas.repec.org/a/pal/jorsoc/v58y2007i11d10.1057_palgrave.jors.2602289.html
   My bibliography  Save this article

Choice is a value statement. On inferring optimal multiple attribute portfolios from non-optimal nominations

Author

Listed:
  • P P Sutton

    (University of Bath)

  • R H Green

    (University of Bath)

Abstract

Sutton and Green have previously introduced an approach to the analysis of multiple attribute problems based on a data envelopment analysis-like formulation. This required that options should be both discrete and explicitly defined. Here, the concept is extended to cover portfolios, where it is frequently impracticable to pre-specify and describe all available options explicitly. At the same time, the idea of using decision makers' choices as indicators of their in-built values is explored. The approach is illustrated using a multiple attribute share selection example. The proposed method allows somewhat greater use to be made of decision makers' preference information revealed in the selection of well-considered favoured choices, as well as being able to take analytic account of other preference elicitation mechanics. It can be also used for other decision structures where it is not possible to describe candidate choices individually in advance.

Suggested Citation

  • P P Sutton & R H Green, 2007. "Choice is a value statement. On inferring optimal multiple attribute portfolios from non-optimal nominations," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 58(11), pages 1526-1533, November.
    • Handle: RePEc:pal:jorsoc:v:58:y:2007:i:11:d:10.1057_palgrave.jors.2602289
    DOI: 10.1057/palgrave.jors.2602289
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/palgrave.jors.2602289
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/palgrave.jors.2602289?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    2. Larichev, O. I. & Moshkovich, H. M., 1995. "ZAPROS-LM -- A method and system for ordering multiattribute alternatives," European Journal of Operational Research, Elsevier, vol. 82(3), pages 503-521, May.
    3. Muhittin Oral & Ossama Kettani & Pascal Lang, 1991. "A Methodology for Collective Evaluation and Selection of Industrial R&D Projects," Management Science, INFORMS, vol. 37(7), pages 871-885, July.
    4. P P Sutton & R H Green, 2002. "A data envelopment approach to decision analysis," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 53(11), pages 1215-1224, November.
    5. Edwards, Ward & Barron, F. Hutton, 1994. "SMARTS and SMARTER: Improved Simple Methods for Multiattribute Utility Measurement," Organizational Behavior and Human Decision Processes, Elsevier, vol. 60(3), pages 306-325, December.
    6. Kasanen, Eero & Wallenius, Hannele & Wallenius, Jyrki & Zionts, Stanley, 2000. "A study of high-level managerial decision processes, with implications for MCDM research," European Journal of Operational Research, Elsevier, vol. 120(3), pages 496-510, February.
    7. Yoram Wind & Thomas L. Saaty, 1980. "Marketing Applications of the Analytic Hierarchy Process," Management Science, INFORMS, vol. 26(7), pages 641-658, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dorota Górecka & Ewa Roszkowska & Tomasz Wachowicz, 2016. "The MARS Approach in the Verbal and Holistic Evaluation of the Negotiation Template," Group Decision and Negotiation, Springer, vol. 25(6), pages 1097-1136, November.
    2. Tadeusz Trzaskalik & Sebastian Sitarz & Cezary Dominiak, 2019. "Bipolar method and its modifications," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 27(3), pages 625-651, September.
    3. Pishchulov, Grigory & Trautrims, Alexander & Chesney, Thomas & Gold, Stefan & Schwab, Leila, 2019. "The Voting Analytic Hierarchy Process revisited: A revised method with application to sustainable supplier selection," International Journal of Production Economics, Elsevier, vol. 211(C), pages 166-179.
    4. Adler, Nicole & Friedman, Lea & Sinuany-Stern, Zilla, 2002. "Review of ranking methods in the data envelopment analysis context," European Journal of Operational Research, Elsevier, vol. 140(2), pages 249-265, July.
    5. Liu, Hui-hui & Song, Yao-yao & Liu, Xiao-xiao & Yang, Guo-liang, 2020. "Aggregating the DEA prospect cross-efficiency with an application to state key laboratories in China," Socio-Economic Planning Sciences, Elsevier, vol. 71(C).
    6. Seyed Rakhshan & Ali Kamyad & Sohrab Effati, 2015. "Ranking decision-making units by using combination of analytical hierarchical process method and Tchebycheff model in data envelopment analysis," Annals of Operations Research, Springer, vol. 226(1), pages 505-525, March.
    7. Luis Pérez-Domínguez & Luis Alberto Rodríguez-Picón & Alejandro Alvarado-Iniesta & David Luviano Cruz & Zeshui Xu, 2018. "MOORA under Pythagorean Fuzzy Set for Multiple Criteria Decision Making," Complexity, Hindawi, vol. 2018, pages 1-10, April.
    8. Greco, Salvatore & Ishizaka, Alessio & Tasiou, Menelaos & Torrisi, Gianpiero, 2018. "σ-µ efficiency analysis: A new methodology for evaluating units through composite indices," MPRA Paper 83569, University Library of Munich, Germany.
    9. Zanakis, Stelios H. & Mandakovic, Tomislav & Gupta, Sushil K. & Sahay, Sundeep & Hong, Sungwan, 1995. "A review of program evaluation and fund allocation methods within the service and government sectors," Socio-Economic Planning Sciences, Elsevier, vol. 29(1), pages 59-79, March.
    10. Chen, Chung-Chiang, 2010. "A performance evaluation of MSW management practice in Taiwan," Resources, Conservation & Recycling, Elsevier, vol. 54(12), pages 1353-1361.
    11. Babak Daneshvar Rouyendegh & Asil Oztekin & Joseph Ekong & Ali Dag, 2019. "Measuring the efficiency of hospitals: a fully-ranking DEA–FAHP approach," Annals of Operations Research, Springer, vol. 278(1), pages 361-378, July.
    12. Tseng, Fang-Mei & Chiu, Yu-Jing & Chen, Ja-Shen, 2009. "Measuring business performance in the high-tech manufacturing industry: A case study of Taiwan's large-sized TFT-LCD panel companies," Omega, Elsevier, vol. 37(3), pages 686-697, June.
    13. Thies, Christian & Kieckhäfer, Karsten & Spengler, Thomas S. & Sodhi, Manbir S., 2019. "Operations research for sustainability assessment of products: A review," European Journal of Operational Research, Elsevier, vol. 274(1), pages 1-21.
    14. Parreiras, R.O. & Kokshenev, I. & Carvalho, M.O.M. & Willer, A.C.M. & Dellezzopolles, C.F. & Nacif, D.B. & Santana, J.A., 2019. "A flexible multicriteria decision-making methodology to support the strategic management of Science, Technology and Innovation research funding programs," European Journal of Operational Research, Elsevier, vol. 272(2), pages 725-739.
    15. Barros, Carlos Pestana & Wanke, Peter, 2015. "An analysis of African airlines efficiency with two-stage TOPSIS and neural networks," Journal of Air Transport Management, Elsevier, vol. 44, pages 90-102.
    16. Lai, Po‐Lin & Potter, Andrew & Beynon, Malcolm & Beresford, Anthony, 2015. "Evaluating the efficiency performance of airports using an integrated AHP/DEA-AR technique," Transport Policy, Elsevier, vol. 42(C), pages 75-85.
    17. Greco, Salvatore & Ishizaka, Alessio & Tasiou, Menelaos & Torrisi, Gianpiero, 2019. "Sigma-Mu efficiency analysis: A methodology for evaluating units through composite indicators," European Journal of Operational Research, Elsevier, vol. 278(3), pages 942-960.
    18. Hassan, Mohammad Nurul & Hawas, Yaser E. & Ahmed, Kamran, 2013. "A multi-dimensional framework for evaluating the transit service performance," Transportation Research Part A: Policy and Practice, Elsevier, vol. 50(C), pages 47-61.
    19. Baskaran, Venkatesan & Nachiappan, Subramanian & Rahman, Shams, 2012. "Indian textile suppliers' sustainability evaluation using the grey approach," International Journal of Production Economics, Elsevier, vol. 135(2), pages 647-658.
    20. Ruiz, Francisco & El Gibari, Samira & Cabello, José M. & Gómez, Trinidad, 2020. "MRP-WSCI: Multiple reference point based weak and strong composite indicators," Omega, Elsevier, vol. 95(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:jorsoc:v:58:y:2007:i:11:d:10.1057_palgrave.jors.2602289. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.