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A Class of Solutions for Group Decision Problems

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  • P. L. Yu

    (University of Rochester)

Abstract

Given a set of utility functions defined on a decision space for a group of individuals, we introduce the concept of utopia point for the group as well as the group regret of a feasible decision. The group regret of a decision varies with a class of distance functions. The class of solutions under study are those which minimize the group regret according to the class of distance functions. We investigate its properties from!he viewpoint of decision rationale. The bounds and monotonicity of the solutions together with their computation are also explored.

Suggested Citation

  • P. L. Yu, 1973. "A Class of Solutions for Group Decision Problems," Management Science, INFORMS, vol. 19(8), pages 936-946, April.
  • Handle: RePEc:inm:ormnsc:v:19:y:1973:i:8:p:936-946
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    File URL: http://dx.doi.org/10.1287/mnsc.19.8.936
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    References listed on IDEAS

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    1. Jacob A. Mincer & Victor Zarnowitz, 1969. "The Evaluation of Economic Forecasts," NBER Chapters,in: Economic Forecasts and Expectations: Analysis of Forecasting Behavior and Performance, pages 3-46 National Bureau of Economic Research, Inc.
    2. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 19(1), pages 3-3, February.
    3. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 20(1), pages 3-3, May.
    4. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 21(1), pages 3-3, August.
    5. J. G. Cragg & Burton G. Malkiel, 1968. "The Consensus And Accuracy Of Some Predictions Of The Growth Of Corporate Earnings," Journal of Finance, American Finance Association, vol. 23(1), pages 67-84, March.
    6. N/A, 1962. "Summary," National Institute Economic Review, National Institute of Economic and Social Research, vol. 22(1), pages 3-3, November.
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