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Subjectively biased objective functions

Author

Listed:
  • Marc Le Menestrel

    (Universitat Pompeu Fabra)

  • Luk N. Wassenhove

    (INSEAD. Bvd de Constance)

Abstract

The maximization of an objective function is a cornerstone of OR/MS modeling. How can we integrate subjective values within these models without weakening their scientific objectivity? This paper proposes a methodological answer that maintains the objective function and relaxes the maximization principle. We introduce a class of biased models that combine an objective function with a “subjective” factor that biases the maximization of such a function. We present the main properties of these models as well as the axiomatic foundations that allow for the rigorous measurement of biasing factors. We invite OR/MS scholars to participate in the development of practical applications integrating ethical and sustainability values.

Suggested Citation

  • Marc Le Menestrel & Luk N. Wassenhove, 2016. "Subjectively biased objective functions," EURO Journal on Decision Processes, Springer;EURO - The Association of European Operational Research Societies, vol. 4(1), pages 73-83, June.
    • Handle: RePEc:spr:eurjdp:v:4:y:2016:i:1:d:10.1007_s40070-014-0038-5
    DOI: 10.1007/s40070-014-0038-5
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    References listed on IDEAS

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