Are inconsistent decisions better? An experiment with pairwise comparisons
This paper tries to contribute to the well-known and lengthy discussion on whether we should allow decision makers to be inconsistent, or, to put it in another way, if intransitive decisions better represent their preferences. We will focus specifically on the multiple-criteria decision making problem, since it is one of the most usual stances where this intransitivity appears. Results from an experiment carried out with graduate students shows that, when intransitivities are removed, the preferences of decision makers are not better represented, and therefore that the effort to do so may not be justified.
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- Tversky, Amos & Slovic, Paul & Kahneman, Daniel, 1990. "The Causes of Preference Reversal," American Economic Review, American Economic Association, vol. 80(1), pages 204-17, March.
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- Yoram Wind & Thomas L. Saaty, 1980. "Marketing Applications of the Analytic Hierarchy Process," Management Science, INFORMS, vol. 26(7), pages 641-658, July.
- Gonzalez-Pachon, Jacinto & Romero, Carlos, 2004. "A method for dealing with inconsistencies in pairwise comparisons," European Journal of Operational Research, Elsevier, vol. 158(2), pages 351-361, October.
- Fishburn, Peter C, 1991. "Nontransitive Preferences in Decision Theory," Journal of Risk and Uncertainty, Springer, vol. 4(2), pages 113-34, April.
- James S. Dyer, 1990. "Remarks on the Analytic Hierarchy Process," Management Science, INFORMS, vol. 36(3), pages 249-258, March.
- Slovic, Paul & Lichtenstein, Sarah, 1983. "Preference Reversals: A Broader Perspective," American Economic Review, American Economic Association, vol. 73(4), pages 596-605, September.
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