Evaluation of investment projects under uncertainty: multi-criteria approach using interval data

Olga A. Shvetsova, Elena A. Rodionova and Michael Z. Epstein
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Olga A. Shvetsova: Korea University of Technology and Education
Elena A. Rodionova: SPbPU - Peter the Great St. Petersburg Polytechnic University
Michael Z. Epstein: SPbPU - Peter the Great St. Petersburg Polytechnic University

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Abstract: Multi-criteria decision making (MCDM) methods have evolved for various types of applications. In the past, even small variations to existing methods have led to the creation of new avenues for research. Thus, in this study, we review the MCDM methods in investment management and examine the advantages and disadvantages of these methods in a risk environment. In addition, we study the effectiveness of investment projects using these methods. The analysis of MCDM methods performed in this study provides a guide for the use of these methods, especially the ones based on interval data, in investment project analysis. Furthermore, we propose a combination of multi-criterial selection and interval preferences to evaluate investment projects. Our method improves on the method of calculating economic efficiency based on a one-dimensional criterion and sensitivity analysis, though our proposal involves complicated calculations.

Keywords: investment project; interval data; investment project evaluation; Pareto set; risk management; multicriterial approach (search for similar items in EconPapers)
Date: 2018-06-29
New Economics Papers: this item is included in nep-ppm and nep-rmg
Note: View the original document on HAL open archive server: https://hal.science/hal-01858557
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Citations: View citations in EconPapers (5)

Published in Entrepreneurship and Sustainability Issues, 2018, 5 (4), pp.914 - 928. ⟨10.9770/jesi.2018.5.4(15)⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01858557

DOI: 10.9770/jesi.2018.5.4(15)

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