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

José M. Merigó and Anna M. Gil Lafuente
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Anna M. Gil Lafuente: Universitat de Barcelona

No 203, Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia

Abstract: The index of maximum and minimum level is a very useful technique, especially for decision making, which uses the Hamming distance and the adequacy coefficient in the same problem. In this paper, we suggest a generalization by using generalized and quasi-arithmetic means. As a result, we will get the generalized ordered weighted averaging index of maximum and minimum level (GOWAIMAM) and the Quasi-OWAIMAAM operator. These new aggregation operators generalize a wide range of particular cases such as the generalized index of maximum and minimum level (GIMAM), the OWAIMAM, the ordered weighted quadratic averaging IMAM (OWQAIMAM), and others. We also develop an application of the new approach in a decision making problem about selection of products.

JEL-codes: C44 C49 D81 D89 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2008
New Economics Papers: this item is included in nep-upt
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Working Paper: The generalized index of maximum and minimum level and its application in decision-making (2009)
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