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Methods for comparison of alternatives described by interval estimations

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  • Gennady Shepelyov
  • Mikhail Sternin

Abstract

An approach to comparing pairs of alternatives described by different modifications of interval estimations is proposed. Both mono and generalised interval estimations are considered. An expert, using methods of comparing based on the approach, may take into account different degrees of uncertainty in compared pairs of estimations: interval uncertainty, interval-probability one and also point estimations. Simple but fairly accurate empirical method of 'direct' comparing pairs of mono-intervals is discussed first. Then it gets a proper mathematical foundation. The connection between the method of comparing mono-intervals and Hurwitz principle is discussed. Results received for mono case are adapted to the generalised case.

Suggested Citation

  • Gennady Shepelyov & Mikhail Sternin, 2011. "Methods for comparison of alternatives described by interval estimations," International Journal of Business Continuity and Risk Management, Inderscience Enterprises Ltd, vol. 2(1), pages 56-69.
    • Handle: RePEc:ids:ijbcrm:v:2:y:2011:i:1:p:56-69
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