Multiattribute Decision Making by Sequential Resource Allocation

Peter A. Morris and Shmuel S. Oren
Additional contact information
Peter A. Morris: Applied Decision Analysis, Inc., Menlo Park, California
Shmuel S. Oren: Xerox Palo Alto Research Center, Palo Alto, California

Operations Research, 1980, vol. 28, issue 1, 233-252

Abstract: A new approach is proposed for addressing decision problems in which the outcomes are multidimensional and possibly interdependent. The method is based on decomposing the problem into a sequence of simpler decision problems. The solution to each subproblem is elicited from the decision-maker by converting it to a simple resource allocation task that may be solved by inspection. Our experience indicates that these resource allocation tasks are considerably simpler and more intuitive than the local tradeoff assessments required by existing iterative methods. The information provided by the decision-maker at each stage is used to generate a sequence of successively improving attribute bundles converging to the solution to the original complex decision problem. The approach is illustrated in the context of a financial planning problem.

Date: 1980
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dx.doi.org/10.1287/opre.28.1.233 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:28:y:1980:i:1:p:233-252

Access Statistics for this article

More articles in Operations Research from INFORMS Contact information at EDIRC.
Bibliographic data for series maintained by Chris Asher ().