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Extensions of the prudence principle to exploit a valued outranking relation

Luis Dias and Claude Lamboray

European Journal of Operational Research, 2010, vol. 201, issue 3, 828-837

Abstract: In many outranking methods, the alternatives are first compared pairwise to build a valued outranking relation, which is then exploited to derive a recommendation for the decision maker. This paper proposes extensions of Arrow and Raynaud's prudence principle to exploit a valued outranking relation, even in cases where the outranking values have an ordinal interpretation. The idea is to build a ranking that maximizes the weakest support for its implicit pairwise comparisons. We present a family of exploitation models providing three types of solutions, depending on the decision maker's request: a linear order, a weak order, or a partial preorder. An algorithm is provided which solves the exploitation models. Relations between these models and some of their properties are also discussed.

Keywords: Multi-criteria; decision; aid; Outranking; relations; Ranking; problem; Prudence; principle; Prudent; orders; Max-min (search for similar items in EconPapers)
Date: 2010
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Handle: RePEc:eee:ejores:v:201:y:2010:i:3:p:828-837