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An axiomatization of the Euclidean compromise solution

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Author Info
Voorneveld, Mark () (Dept. of Economics, Stockholm School of Economics)
van den Nouweland, Anne (Department of Economics, University of Oregon)
McLean, Rich (Department of Economics, Rutgers University)

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Abstract

The utopia point of a multicriteria optimization problem is the vector that specifies for each criterion the most favourable among the feasible values. The Euclidean compromise solution in multicriteria optimization is a solution concept that assigns to a feasible set the alternative with minimal Euclidean distance to the utopia point. The purpose of this paper is to provide a characterization of the Euclidean compromise solution. Consistency plays a crucial role in our approach.

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Publisher Info
Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 703.

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Length: 27 pages
Date of creation: 13 Oct 2008
Date of revision:
Handle: RePEc:hhs:hastef:0703

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Related research
Keywords: Consistency; Euclidean compromise solution; Multicriteria optimization;

Find related papers by JEL classification:
C60 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - General
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
  2. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April. [Downloadable!] (restricted)
  3. Kalai, Ehud & Smorodinsky, Meir, 1975. "Other Solutions to Nash's Bargaining Problem," Econometrica, Econometric Society, vol. 43(3), pages 513-18, May. [Downloadable!] (restricted)
  4. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August. [Downloadable!] (restricted)
  5. Rubinstein, A. & Zhou, L., 1997. "Choice Problems with a "Reference" Point," Papers 28-97, Tel Aviv.
    Other versions:
  6. Andreas Pfingsten & Andreas Wagener, 2003. "Bargaining Solutions as Social Compromises," Theory and Decision, Springer, vol. 55(4), pages 359-389, December. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christian Roessler, 2006. "Public Good Menus and Feature Complementarity," Department of Economics - Working Papers Series 962, The University of Melbourne. [Downloadable!]
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