Compromise programming: Non-interactive calibration of utility-based metrics

A. Kanellopoulos, J.C. Gerdessen and G.D.H. Claassen

European Journal of Operational Research, 2015, vol. 244, issue 2, 519-524

Abstract: Utility functions have been used widely to support multi-objective decision-making. Expansion of a general additive utility function around the ideal results in a composite linear-quadratic metric of a compromise programming problem. Determining the unknown parameters of the composite linear-quadratic metric requires substantial interaction with the decision maker who might not always be available or capable to participate in such a process. We propose a non-interactive method that uses information on observed attribute levels to obtain the unknown parameters of the composite linear-quadratic metric and enables forecasting and scenario analysis. The method is illustrated with a small scale numerical example.

Keywords: Utility optimization; Goal programming; Compromise programming; Preferential weights; Model calibration (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:244:y:2015:i:2:p:519-524

DOI: 10.1016/j.ejor.2015.01.031

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