The index of maximum and minimum level is a very useful technique, especially for decision making, which uses the Hamming distance and the adequacy coefficient in the same problem. In this paper, we suggest a generalization by using generalized and quasi-arithmetic means. As a result, we will get the generalized ordered weighted averaging index of maximum and minimum level (GOWAIMAM) and the Quasi-OWAIMAAM operator. These new aggregation operators generalize a wide range of particular cases such as the generalized index of maximum and minimum level (GIMAM), the OWAIMAM, the ordered weighted quadratic averaging IMAM (OWQAIMAM), and others. We also develop an application of the new approach in a decision making problem about selection of products.
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Paper provided by Universitat de Barcelona. Espai de Recerca en Economia in its series Working Papers in Economics with number
203.
Length: 32 pages Date of creation: 2008 Date of revision: Handle: RePEc:bar:bedcje:2008203
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Find related papers by JEL classification: C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Statistical Decision Theory; Operations Research D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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