Identifying Relative Marginal Value Functions for Ranking

Majid Mohammadi () and Jafar Rezaei
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Majid Mohammadi: Vrije Universiteit Amsterdam
Jafar Rezaei: Delft University of Technology

A chapter in Advances in Best-Worst Method, 2023, pp 41-47 from Springer

Abstract: Abstract The current multi-criteria decision-making (MCDM) ranking methods provide suggestions on the superiority of an alternative to other alternatives mainly based on the alternatives’ performance difference and the weights (relative importance) of the criteria as absolute values, while the aim of the MCDM is to only provide the relative importance of criteria/alternatives for the decision under study. In this paper, we put forward a way for ranking alternatives with respect to multiple criteria that considers only the relative importance of every pair of criteria/alternatives and provides a ranking that is agnostic to the alternative performance normalization and prevents the rank reversal phenomenon. We apply the proposed procedure to an example to show its inner mechanism.

Keywords: Ranking; Normalization-agnostic; Relative marginal utility (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnopch:978-3-031-24816-0_4

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DOI: 10.1007/978-3-031-24816-0_4

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