CUT: A Multicriteria Approach for Concavifiable Preferences

Nikolaos Argyris (), Alec Morton () and José Rui Figueira ()
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Nikolaos Argyris: Department of Statistics, University of Warwick, Coventry CV4 7AL, United Kingdom
Alec Morton: Department of Management Science, Strathclyde Business School, Glasgow G1 1XQ, United Kingdom
José Rui Figueira: CEG-IST, Instituto Superior Técnico, Universidade de Lisboa, 1049-001 Lisbon, Portugal

Operations Research, 2014, vol. 62, issue 3, 633-642

Abstract: We consider the problem of helping a decision maker (DM) choose from a set of multiattributed objects when her preferences are “concavifiable,” i.e. representable by a concave value function. We establish conditions under which preferences or preference intensities are concavifiable. We also derive a characterization for the family of concave value functions compatible with a set of such preference statements expressed by the DM. This can be used to validate dominance relations over discrete sets of alternatives and forms the basis of an interactive procedure. We report on the practical use of this procedure with several DMs for a flat-choice problem and its computational performance on a set of project-portfolio selection problem instances. The use of preference intensities is found to provide significant improvements to the performance of the procedure.

Keywords: decision analysis; multiple criteria; theory; programming; multiple criteria; utility/preference; multiattribute; value theory; concave value function; preference intensity (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (11)

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