Lexicographic α-robustness: An alternative to min–max criteria

Kalaı¨, Rim, Claude Lamboray and Daniel Vanderpooten

European Journal of Operational Research, 2012, vol. 220, issue 3, 722-728

Abstract: Robustness in Operations Research/Decision Aid is often associated with min–max and min–max regret criteria. This common approach to determine robust solutions consists in finding a solution which minimizes the maximal cost or regret. Nevertheless, these criteria are known to be too conservative. In this paper, we present and study a new robustness approach, called lexicographic α-robustness, which compensates for this major drawback and many others. Furthermore, we establish a link between lexicographic α-robustness and a third robustness approach called p-robustness.

Keywords: Robustness; Uncertainty modelling; Min–max cost/regret; Scenarios; Preference relations (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:220:y:2012:i:3:p:722-728

DOI: 10.1016/j.ejor.2012.01.056

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