Tradeoff-based decomposition and decision-making in multiobjective programming

Alexander Engau

European Journal of Operational Research, 2009, vol. 199, issue 3, 883-891

Abstract: To facilitate the evaluation of tradeoffs and the articulation of preferences in multiple criteria decision-making, a multiobjective decomposition scheme is proposed that restructures the original problem as a collection of smaller-sized subproblems with only subsets of the original criteria. A priori preferences on objective tradeoffs are integrated into this process by modifying the ordinary Pareto order by more general domination cones, and decision makers are supported by an interactive decision-making procedure to coordinate any remaining tradeoffs using concepts of approximate efficiency. A theoretical foundation for this method is provided, and an illustrative application to multiobjective portfolio optimization is described in detail.

Keywords: Multiobjective; programming; Multicriteria; decision-making; Preferences; Tradeoffs; Decomposition; Domination; cones; Approximate; efficiency; Portfolio; optimization (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:199:y:2009:i:3:p:883-891

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