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The generalized index of maximum and minimum level and its application in decision making

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  • Jose M. Merigo Lindahl
  • Anna M. Gil Lafuente

    (Universitat de Barcelona)

Abstract

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.

Suggested Citation

  • Jose M. Merigo Lindahl & Anna M. Gil Lafuente, 2008. "The generalized index of maximum and minimum level and its application in decision making," Working Papers in Economics 203, Universitat de Barcelona. Espai de Recerca en Economia.
    • Handle: RePEc:bar:bedcje:2008203
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    JEL classification:

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