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Value Efficiency Analysis in Practice

In: Extension of Data Envelopment Analysis with Preference Information

Author

Listed:
  • Tarja Joro

    (University of Alberta)

  • Pekka J. Korhonen

    (Aalto University)

Abstract

The value efficiency analysis (VEA) is an approach, in which the most preferred solution (MPS) plays a key role in the analysis as described in Chap. 7 . For a rational DM any point on the efficient frontier of the production possibility set is a possible and reasonable choice. If the production possibility set is convex, then the efficient given units are only a finite subset of the whole (uncountable) efficient frontier. In this case, the final choice of a DM is very seldom—if ever, a given efficient unit—if he/she freely searches for the MPS on the efficient frontier.

Suggested Citation

  • Tarja Joro & Pekka J. Korhonen, 2015. "Value Efficiency Analysis in Practice," International Series in Operations Research & Management Science, in: Extension of Data Envelopment Analysis with Preference Information, edition 127, chapter 0, pages 111-126, Springer.
    • Handle: RePEc:spr:isochp:978-1-4899-7528-7_8
    DOI: 10.1007/978-1-4899-7528-7_8
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