Subjectively biased objective functions

Marc Le Menestrel () and Luk N. Wassenhove
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Marc Le Menestrel: Universitat Pompeu Fabra
Luk N. Wassenhove: INSEAD. Bvd de Constance

EURO Journal on Decision Processes, 2016, vol. 4, issue 1, No 5, 73-83

Abstract: Abstract The maximization of an objective function is a cornerstone of OR/MS modeling. How can we integrate subjective values within these models without weakening their scientific objectivity? This paper proposes a methodological answer that maintains the objective function and relaxes the maximization principle. We introduce a class of biased models that combine an objective function with a “subjective” factor that biases the maximization of such a function. We present the main properties of these models as well as the axiomatic foundations that allow for the rigorous measurement of biasing factors. We invite OR/MS scholars to participate in the development of practical applications integrating ethical and sustainability values.

Keywords: Modeling; Maximization principle; Ethics; Sustainability; Bias; Threshold; Measurement error; Sustainable procurement; Precautionary principle; Renewable electricity (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s40070-014-0038-5

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