An operational test for the existence of a consistent increasing quasi-concave value function

Majid Soleimani-damaneh, Latif Pourkarimi, Pekka Korhonen and Jyrki Wallenius

European Journal of Operational Research, 2021, vol. 289, issue 1, 232-239

Abstract: The existence of an increasing quasi-concave value function consistent with given preference information is an important issue in various fields including Economics, Multiple Criteria Decision Making, and Applied Mathematics. A quasi-concave value function is equivalent to convex-to-the-origin indifference contours, a very common assumption in Economics. In this paper, we establish necessary and sufficient conditions for the existence of a value function satisfying aforementioned properties. This leads to an operational, tractable and easy to use test for checking the existence of such a value function. In addition to developing the existence test, we construct consistent linear and non-linear desirable value functions.

Keywords: Multiple criteria analysis; Quasi-Concavity; Value function; Preference information; Distance function (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:289:y:2021:i:1:p:232-239

DOI: 10.1016/j.ejor.2020.06.049

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