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An Approach to Solving Multiple Criteria Macroeconomic Policy Problems and an Application

Author

Listed:
  • Hannele Wallenius

    (University of Helsinki, Confederation of Finnish Industries)

  • Jyrki Wallenius

    (Confederation of Finnish Industries)

  • Pentti Vartia

    (Research Institute of the Finnish Economy)

Abstract

In this paper we propose an approach to solving multiple criteria macroeconomic policy problems and report on an application using an existing econometric model. This approach involves the use of a mathematical programming formulation of the macroeconomic policy problem with multiple objective functions. The multiple objectives are resolved by a man-machine interactive solution strategy. This approach was implemented in order to analyze macroeconomic problems in Finland.

Suggested Citation

  • Hannele Wallenius & Jyrki Wallenius & Pentti Vartia, 1978. "An Approach to Solving Multiple Criteria Macroeconomic Policy Problems and an Application," Management Science, INFORMS, vol. 24(10), pages 1021-1030, June.
    • Handle: RePEc:inm:ormnsc:v:24:y:1978:i:10:p:1021-1030
    DOI: 10.1287/mnsc.24.10.1021
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    Citations

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    Cited by:

    1. Asim Roy & Jyrki Wallenius, 1991. "Nonlinear and unconstrained multiple‐objective optimization: Algorithm, computation, and application," Naval Research Logistics (NRL), John Wiley & Sons, vol. 38(4), pages 623-635, August.
    2. Coleno, F. C. & Duru, M., 1999. "A model to find and test decision rules for turnout date and grazing area allocation for a dairy cow system in spring," Agricultural Systems, Elsevier, vol. 61(3), pages 151-164, September.
    3. B Cobacho & R Caballero & M González & J Molina, 2010. "Planning federal public investment in Mexico using multiobjective decision making," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(9), pages 1328-1339, September.
    4. Luque, M. & Marcenaro-Gutiérrez, O.D. & López-Agudo, L.A., 2015. "On the potential balance among compulsory education outcomes through econometric and multiobjective programming analysis," European Journal of Operational Research, Elsevier, vol. 241(2), pages 527-540.
    5. Francisco J. André & Manuel Alejandro Cardenete, 2005. "Multicriteria Policy Making. Defining Efficient Policies in a General Equilibrium Model," Economic Working Papers at Centro de Estudios Andaluces E2005/04, Centro de Estudios Andaluces.
    6. O. D. Marcenaro-Gutierrez & M. Luque & L. A. Lopez-Agudo, 2016. "Balancing Teachers’ Math Satisfaction and Other Indicators of the Education System’s Performance," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 129(3), pages 1319-1348, December.

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