The generalized index of maximum and minimum level and its application in decision-making
AbstractWe present a new decision-making approach that uses distance measures and induced aggregation operators. We introduce the induced ordered weighted averaging distance (IOWAD) operator, a new aggregation operator that extends the OWA operator by using distance measures and a reordering of the arguments that depends on order-inducing variables. The main advantage of the IOWAD is that it provides a parameterized family of distance aggregation operators between the maximum and the minimum distance based on a complex reordering process that reflects a complex attitudinal character of the decision-maker. We study some of its main properties and particular cases. We develop an application in a decision-making problem regarding the selection of investments. We see that the main advantage of this approach in decision-making is that it is able to provide a more complete picture of the decision process, so the decision-maker is able to select the alternative most in accordance with his interests.
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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 231.
Length: 0 pages
Date of creation: 2009
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Other versions of this item:
- 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.
- 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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