An Approach to Solving Multiple Criteria Macroeconomic Policy Problems and an Application

Hannele Wallenius, Jyrki Wallenius and Pentti Vartia
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Hannele Wallenius: University of Helsinki, Confederation of Finnish Industries
Pentti Vartia: Research Institute of the Finnish Economy

Management Science, 1978, vol. 24, issue 10, 1021-1030

Abstract: In this paper we propose an approach to solving multiple criteria macroeconomic policy problems and report on an application using an existing econometric model. This approach involves the use of a mathematical programming formulation of the macroeconomic policy problem with multiple objective functions. The multiple objectives are resolved by a man-machine interactive solution strategy. This approach was implemented in order to analyze macroeconomic problems in Finland.

Date: 1978
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:24:y:1978:i:10:p:1021-1030

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