The generalized index of maximum and minimum level and its application in decision making
AbstractThe 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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Bibliographic InfoPaper 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:
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Postal: Espai de Recerca en Economia, Facultat de CiÃ¨ncies EconÃ²miques. Tinent Coronel Valenzuela, Num 1-11 08034 Barcelona. Spain.
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Other versions of this item:
- Jose M. Merigo Lindahl & Montserrat Casanovas Ramon, 2009. "The generalized index of maximum and minimum level and its application in decision-making," Working Papers in Economics 231, Universitat de Barcelona. Espai de Recerca en Economia.
- 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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