Relative importance of criteria in multiobjective programming: A cone-based approach

Brian J. Hunt, Margaret M. Wiecek and Colleen S. Hughes

European Journal of Operational Research, 2010, vol. 207, issue 2, 936-945

Abstract: This article develops a convex polyhedral cone-based preference modeling framework for decision making with multiple criteria which extends the classical notion of Pareto optimality and accounts for relative importance of the criteria. The decision maker's perception of the relative importance is quantified by an allowable tradeoffs between two objectives representing the maximum allowable amount of decay of a less important objective per one unit of improvement of a more important objective. Two cone-based models of relative importance are developed. In the first model, one criterion is designated as less important while all the others are more important. In the second model, more than one criterion may be classified as less important while all the others are considered more important. Complete algebraic characterization of the models is derived and the relationship between them and the classical Pareto preference is examined. Their relevance to decision making is discussed.

Keywords: Multiple; criteria; Decision; making; Pareto; preference; Relative; importance; Tradeoffs; Polyhedral; cones (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:207:y:2010:i:2:p:936-945

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