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The generalized index of maximum and minimum level and its application in decision-making

Author

Listed:
  • Jose M. Merigo Lindahl
  • Montserrat Casanovas Ramon

    (Universitat de Barcelona)

Abstract

We present a new decision-making approach that uses distance measures and induced aggregation operators. We introduce the induced ordered weighted averaging distance (IOWAD) operator, a new aggregation operator that extends the OWA operator by using distance measures and a reordering of the arguments that depends on order-inducing variables. The main advantage of the IOWAD is that it provides a parameterized family of distance aggregation operators between the maximum and the minimum distance based on a complex reordering process that reflects a complex attitudinal character of the decision-maker. We study some of its main properties and particular cases. We develop an application in a decision-making problem regarding the selection of investments. We see that the main advantage of this approach in decision-making is that it is able to provide a more complete picture of the decision process, so the decision-maker is able to select the alternative most in accordance with his interests.

Suggested Citation

  • Jose M. Merigo Lindahl & Montserrat Casanovas Ramon, 2009. "The generalized index of maximum and minimum level and its application in decision-making," Working Papers in Economics 231, Universitat de Barcelona. Espai de Recerca en Economia.
  • Handle: RePEc:bar:bedcje:2009231
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    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other
    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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