Modeling multicriteria group decision making as games from enhanced pairwise comparisons

Alexandre Bevilacqua Leoneti and Luiz Flavio Autran Monteiro Gomes

Operations Research Perspectives, 2021, vol. 8, issue C

Abstract: This research aimed to replace the pairwise comparison function used in Leoneti [2016] with a new function inspired on the exponential model of prospect theory and to perform a comparative analysis to verify the hypothesis that a better performance of the utility function would be possible from the use of a component of judgment better theoretically grounded. A field study consisting of solving three cases in a group was proposed to evaluate the number of matches of the method regarding the decision negotiated by the group, and the number of times that, when there was a match, the group maintained its decision after voting. From an empirical evaluation with a hundred students that participated in the field study, the main hypothesis of this research was confirmed, which is that the use of a pairwise comparison function adhering to a decision and judgment theory increases the predictive capacity of the utility function proposed in Leoneti [2016].

Keywords: Utility function; Prospect theory; Game theory; Nash equilibrium (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:oprepe:v:8:y:2021:i:c:s2214716021000166

DOI: 10.1016/j.orp.2021.100194

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