Decision Trees with Single and Multiple Interval-Valued Objectives

Kash Barker () and Kaycee J. Wilson ()
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Kash Barker: School of Industrial and Systems Engineering, University of Oklahoma, Norman, Oklahoma 73019
Kaycee J. Wilson: School of Industrial and Systems Engineering, University of Oklahoma, Norman, Oklahoma 73019

Decision Analysis, 2012, vol. 9, issue 4, 348-358

Abstract: Important to decision making is recognition of what today's decisions have on future options, and an oft-used tool to aid in this problem is the decision tree. This paper addresses situations in which uncertainty arises in the objectives associated with different sequential decision paths and provides a decision tree for uncertain parameters where only bounds, not distributions, are known. Single- and multiple-objective interval-valued decision trees are introduced. Interval arithmetic is used for the decision tree rollback process. To address the difficulty of an interval-valued comparison of alternatives, several decision rules, as well as a probabilistic approach, are discussed in the decision tree context. The interval-valued decision trees are deployed in a simple maintenance, repair, and overhaul decision-making illustration.

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ordeca:v:9:y:2012:i:4:p:348-358

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