The 2-rank additive model with axiomatic design in multiple attribute decision making

Siqi Wu, Meng Wu, Yucheng Dong, Haiming Liang and Sihai Zhao

European Journal of Operational Research, 2020, vol. 287, issue 2, 536-545

Abstract: In this paper, we study the 2-rank multiple attribute decision making (MADM) problem where alternatives are divided into two preference-ordered categories. We begin our study by introducing five axioms that characterize an “ideal” 2-rank additive MADM method, and then present an impossibility theorem: Five axioms cannot be satisfied simultaneously due to the intrinsic conflict among them. Next, we propose two simple 2-rank MADM methods: Permutation-based 2-rank method (PRM) and Ranking-based 2-rank method (RRM), and explore their desired properties based on the axioms. Furthermore, we design detailed simulation experiments and find out that the PRM and the RRM share the same 2-rank result in most cases although these two methods violate different axioms. Finally, we illustrate the PRM and the RRM through a consumer preference analysis case study.

Keywords: Decision analysis; 2-rank; multiple attribute decision making; axiom; impossibility theorem (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:287:y:2020:i:2:p:536-545

DOI: 10.1016/j.ejor.2020.04.011

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