Methods for comparison of alternatives described by interval estimations

Gennady Shepelyov and Mikhail Sternin

International Journal of Business Continuity and Risk Management, 2011, vol. 2, issue 1, 56-69

Abstract: An approach to comparing pairs of alternatives described by different modifications of interval estimations is proposed. Both mono and generalised interval estimations are considered. An expert, using methods of comparing based on the approach, may take into account different degrees of uncertainty in compared pairs of estimations: interval uncertainty, interval-probability one and also point estimations. Simple but fairly accurate empirical method of 'direct' comparing pairs of mono-intervals is discussed first. Then it gets a proper mathematical foundation. The connection between the method of comparing mono-intervals and Hurwitz principle is discussed. Results received for mono case are adapted to the generalised case.

Keywords: mono-interval estimations; poly-interval estimations; generalised interval estimations; alternative comparisons; compared pairs; interval uncertainty; interval-probability; point estimations; Hurwitz principle; business continuity; risk management. (search for similar items in EconPapers)
Date: 2011
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