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MCGL: a new reference dependent MCDM method

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  • Ram Kumar Dhurkari

Abstract

This paper proposes a method for discrete alternative multi-criteria decision making (MCDM) under certainty. The proposed method (multi-criteria gain loss: MCGL) is based upon the tenets of prospect theory and norm theory. The two major objectives for the development of the MCGL method are: 1) to reduce the complexity of the MCDM in order to improve the performance of the decision maker (DM) in the process of judgement; 2) to use some of the latest descriptive theories of decision making in order to improve the effectiveness of the MCDM method in terms of its resemblance with actual decisions. Two studies conducted to test the effectiveness of the proposed method in resembling actual or real decisions. In comparison to the analytic hierarchy process (AHP), the MCGL method is able to capture individual's decision-making process more accurately. Applicability measures like the number of decisions required, time and the cognitive burden strongly favours the MCGL method.

Suggested Citation

  • Ram Kumar Dhurkari, 2019. "MCGL: a new reference dependent MCDM method," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 36(4), pages 477-495.
    • Handle: RePEc:ids:ijores:v:36:y:2019:i:4:p:477-495
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