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An MCDA Approach for Personal Financial Planning

In: Evaluation and Decision Models with Multiple Criteria

Author

Listed:
  • Oliver Braun

    (Trier University of Applied Sciences, Environmental Campus Birkenfeld)

  • Marco Spohn

    (Trier University of Applied Sciences, Environmental Campus Birkenfeld)

Abstract

Personal Financial Planning (PFP) is the preparation of target-oriented decisions concerning assets, incomes, and expenses. As people have different preferences for different financial goals, and the goals are flexible, PFP is a Multicriteria Decision Analysis (MCDA) problem that is often addressed by trial calculations under different scenarios. We provide an MCDA model to derive a financial plan that maximizes the value of the expenses for a decision maker with respect to height, time, and type preferences. Specifically, we show how the problem can be solved through a mixed integer programming approach where the weights for the mathematical program are determined with the help of the Analytic Hierarchy Process.

Suggested Citation

  • Oliver Braun & Marco Spohn, 2015. "An MCDA Approach for Personal Financial Planning," International Handbooks on Information Systems, in: Raymond Bisdorff & Luis C. Dias & Patrick Meyer & Vincent Mousseau & Marc Pirlot (ed.), Evaluation and Decision Models with Multiple Criteria, edition 127, chapter 0, pages 533-562, Springer.
    • Handle: RePEc:spr:ihichp:978-3-662-46816-6_18
    DOI: 10.1007/978-3-662-46816-6_18
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