Stochastic preference analysis in numerical preference relations

Bin Zhu and Zeshui Xu

European Journal of Operational Research, 2014, vol. 237, issue 2, 628-633

Abstract: Numerical preference relations (NPRs) consisting of numerical judgments can be considered as a general form of the existing preference relations, such as multiplicative preference relations (MPRs), fuzzy preference relations (FPRs), interval MPRs (IV-MPRs) and interval FPRs (IV-FPRs). On the basis of NPRs, we develop a stochastic preference analysis (SPA) method to aid the decision makers (DMs) in decision making. The numerical judgments in NPRs can also be characterized by different probability distributions in accordance with practice. By exploring the judgment space of NPRs, SPA produces several outcomes including the rank acceptability index, the expected priority vector, the expected rank and the confidence factor. The outcomes are obtained by Monte Carlo simulation with at least 95% confidence degree. Based on the outcomes, the DMs can choose some of them which they find most useful to make reliable decisions.

Keywords: Decision analysis; Preference relation; Stochastic methods; Simulation (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:237:y:2014:i:2:p:628-633

DOI: 10.1016/j.ejor.2014.01.068

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