A multicriteria model's survey: state of the art and some necessary capabilities of future models

Jakrapong Pongpeng and John Liston

Construction Management and Economics, 2003, vol. 21, issue 7, 665-670

Abstract: To identify a state-of-the-art model and some necessary capabilities for developing future multicriteria models, the literature on multicriteria models in operations research was surveyed. All the models required subjective inputs from decision-makers. A utility function was regarded as the best model for including risk and uncertainty into the solution analysis. On the other hand, a social welfare function was found to be the most attractive in a democratic organization in handling the involvement of multiple decision-makers. Thus, a combination of both the functions can be described as state-of-the-art. In addition, the subjective inputs changed over time in relation to a particular circumstance. For this reason, computer interaction should be incorporated with this combination. Therefore, some capabilities of (1) incorporating subjective inputs of multiple decision-makers, (2) including elements of risk and uncertainty and (3) absorbing the changes of subjective inputs via computer interaction are necessary for future multicriteria models.

Keywords: Multicriteria; multicriteria models; optimization; decision-making (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1080/0144619032000093288

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