OWA-based Aggregation Operations in Multi-Expert MCDM Model

Binyamin Yusoff (), Jose Maria Merigó () and David Ceballos ()
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Binyamin Yusoff: School of Informatics and Applied Mathematics University of Malaysia Terengganu, Malaysia
Jose Maria Merigó: Department of Management Control & Information Systems University of Chile, Santiago, Chile
David Ceballos: Department of Mathematical Economics, Finance & Actuarial Sciences University of Barcelona, Barcelona, Spain

ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2017, vol. 51, issue 2, 211-230

Abstract: This paper presents an analysis of multi-expert multi-criteria decision making (ME-MCDM) model based on the ordered weighted averaging (OWA) operators. Two methods of modeling the majority opinion are studied as to aggregate the experts’ judgments, in which based on the induced OWA operators. Then, an overview of OWA with the inclusion of different degrees of importance is provided for aggregating the criteria. An alternative OWA operator with a new weighting method is proposed which termed as alternative OWAWA (AOWAWA) operator. Some extensions of ME-MCDM model with respect to two-stage aggregation processes are developed based on the classical and alternative schemes. A comparison of results of different decision schemes then is conducted. Moreover, with respect to the alternative scheme, a further comparison is given for different techniques in integrating the degrees of importance. A numerical example in the selection of investment strategy is used as to exemplify the model and for the analysis purpose.

Keywords: multi-expert MCDM; OWA operator; IOWA operator; majority concept; weighting methods, financial decision making. (search for similar items in EconPapers)
JEL-codes: C44 D81 G11 (search for similar items in EconPapers)
Date: 2017
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