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OWA-based Aggregation Operations in Multi-Expert MCDM Model

Author

Listed:
  • Binyamin YUSOFF

    (School of Informatics and Applied Mathematics University of Malaysia Terengganu, Malaysia)

  • Jose Maria MERIGÓ

    (Department of Management Control & Information Systems University of Chile, Santiago, Chile)

  • David CEBALLOS

    (Department of Mathematical Economics, Finance & Actuarial Sciences University of Barcelona, Barcelona, Spain)

Abstract

This paper presents an analysis of multi-expert multi-criteria decision making (ME-MCDM) model based on the ordered weighted averaging (OWA) operators. Two methods of modeling the majority opinion are studied as to aggregate the experts’ judgments, in which based on the induced OWA operators. Then, an overview of OWA with the inclusion of different degrees of importance is provided for aggregating the criteria. An alternative OWA operator with a new weighting method is proposed which termed as alternative OWAWA (AOWAWA) operator. Some extensions of ME-MCDM model with respect to two-stage aggregation processes are developed based on the classical and alternative schemes. A comparison of results of different decision schemes then is conducted. Moreover, with respect to the alternative scheme, a further comparison is given for different techniques in integrating the degrees of importance. A numerical example in the selection of investment strategy is used as to exemplify the model and for the analysis purpose.

Suggested Citation

  • Binyamin YUSOFF & Jose Maria MERIGÓ & David CEBALLOS, 2017. "OWA-based Aggregation Operations in Multi-Expert MCDM Model," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 51(2), pages 211-230.
    • Handle: RePEc:cys:ecocyb:v:50:y:2017:i:2:p:211-230
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    References listed on IDEAS

    as
    1. JosÉ Figueira & Salvatore Greco & Matthias Ehrogott, 2005. "Multiple Criteria Decision Analysis: State of the Art Surveys," International Series in Operations Research and Management Science, Springer, number 978-0-387-23081-8, September.
    2. Che Mohd Imran Che Taib & Binyamin Yusoff & Mohd Lazim Abdullah & Abdul Fatah Wahab, 2016. "Conflicting Bifuzzy Multi-attribute Group Decision Making Model with Application to Flood Control Project," Group Decision and Negotiation, Springer, vol. 25(1), pages 157-180, January.
    3. Michel Grabisch & Jean-Luc Marichal & Radko Mesiar & Endre Pap, 2009. "Aggregation functions," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00445120, HAL.
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    More about this item

    Keywords

    multi-expert MCDM; OWA operator; IOWA operator; majority concept; weighting methods; financial decision making.;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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