A prospect secondary goal model for ranking DMUs in DEA-R

Simin Tohidnia and Ghasem Tohidi

International Journal of Industrial and Systems Engineering, 2023, vol. 43, issue 2, 153-167

Abstract: This paper presents a prospect DEA-R model by combining the DEA-R model and prospect theory that can be used to evaluate DMUs in decision making under risk. In this study, the proposed model is used as a secondary goal model to determine a unique set of weights in the evaluation of DMUs by cross-efficiency method and thus the psychological behaviours of experts are incorporated in the evaluations. In fact, the present paper introduces an approach for ranking DMUs in DEA-R that can be useful in decision making under risk and especially for decision-makers who are familiar with ratio analysis. An empirical application also will be presented to illustrate the applicability of the proposed model.

Keywords: data envelopment analysis; DEA; DEA-R; secondary goal model; prospect theory; cross-efficiency. (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijisen:v:43:y:2023:i:2:p:153-167

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