A method for stochastic multiple criteria decision making based on pairwise comparisons of alternatives with random evaluations

Zhi-Ping Fan, Yang Liu and Bo Feng

European Journal of Operational Research, 2010, vol. 207, issue 2, 906-915

Abstract: This paper proposes a method for solving stochastic multiple criteria decision making (MCDM) problems, where evaluations of alternatives on considered criteria are random variables with known probability density functions or probability mass functions. Probabilities on all possible results of pairwise comparisons of alternatives are first calculated using Probability Theory. Then, all possible results of pairwise comparisons are classified into superior, indifferent and inferior ones using a predefined identification rule. Consequently, the probabilities on all possible results of pairwise comparisons are partitioned into superior, indifferent and inferior probabilities. Furthermore, based on the derived probabilities, an algorithm is developed to rank the alternatives. Finally, a numerical example is used to illustrate the feasibility and validity of the proposed method.

Keywords: Multiple; criteria; decision; making; Random; variable; Probability; Ranking (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:207:y:2010:i:2:p:906-915

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