Maximum likelihood solutions for multicriterial choice problems

Vladislav V. Podinovski

European Journal of Operational Research, 2020, vol. 286, issue 1, 299-308

Abstract: We introduce the notion of a maximum likelihood optimal decision alternative for the choice problem with a finite set of decision alternatives, assuming a general parametric preference model of the decision maker. We also develop an optimization-based method for the identification of such alternative for the cases in which the parametric preference model is based on uncertain intervals for criterion trade-offs. The suggested approach can be seen as generalising stochastic multicriteria acceptability analysis (SMAA) to a wider modelling setting. It also provides a maximum likelihood interpretation of the SMAA acceptability index.

Keywords: Multicriteria decision analysis; Choice problem; Surrogate solutions; Stochastic multicriteria acceptability analysis (SMAA) (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:286:y:2020:i:1:p:299-308

DOI: 10.1016/j.ejor.2020.03.028

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