Monte Carlo Simulation Techniques in a Decision Support System for Group Decision Making

Antonio Jiménez (), Alfonso Mateos () and Sixto Ríos-Insua ()
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Antonio Jiménez: Madrid Technical University
Alfonso Mateos: Madrid Technical University
Sixto Ríos-Insua: Madrid Technical University

Group Decision and Negotiation, 2005, vol. 14, issue 2, No 3, 109-130

Abstract: Abstract This paper describes a group decision support system based on an additive multi-attribute utility model for identifying a consensus strategy in group decision-making problems where several decision-makers or groups of decision-makers elicit their own preferences separately. On the one hand, the system provides procedures to quantify the DM’s or group of DMs’ preferences separately. This involves assessing the DM’s or group of DMs’ component utilities that represent their preferences regarding the respective possible attribute values and objective weights that represent the relative importance of the criteria. On the other hand, we propose Monte Carlo simulation techniques for identifying a consensus strategy. An iterative process will be carried out, where, after the simulations have been performed, the imprecise component utilities and weights corresponding to the different DMs or groups of DMs are tightened to output more meaningful information in the next simulations to achieve a consensus strategy. Finally, an application to the evaluation of remedial strategies for restoring contaminated aquatic ecosystems illustrates the usefulness and flexibility of this decision support tool.

Keywords: decision support system; additive multi-attribute utility model; group decision-making; preference quantification; Monte Carlo simulation techniques (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (7)

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DOI: 10.1007/s10726-005-2406-9

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