Ranking residential properties by a multicriteria single price model

R Cervelló (), F García () and F Guijarro ()
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R Cervelló: Universidad Politécnica de Valencia
F García: Universidad Politécnica de Valencia
F Guijarro: Universidad Politécnica de Valencia

Journal of the Operational Research Society, 2011, vol. 62, issue 11, 1941-1950

Abstract: Abstract This study describes an application of the multicriteria single price model (Ballestero) to the ranking of alternatives. By a generalization of the original model, the equilibrium set of alternatives can be characterized from the viewpoints, respectively, of the demander and the supplier, and from that the efficiency index can be calculated. We demonstrate how, in a state of equilibrium, the two viewpoints result inevitably in inverse orders of ranking. In contrast with other proposals for full ranking of alternatives, the method used in the present study (i) assumes a moderate attitude on the part of the decision maker towards risk, with a robust axiomatic basis; (ii) assigns weights to the criteria independently of which alternative is being evaluated and the attitude (optimistic or pessimistic) of the decision maker; (iii) produces a cardinal hierarchy of the alternatives and not just an ordinal one. The model is illustrated by a sample of residential properties in the city of Valencia, Spain.

Keywords: full ranking; multicriteria decision making; compromise programming; equilibrium set (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1057/jors.2010.170

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