Modeling the minimum cost consensus problem with risk preferences

Jindong Qin and Yingying Liang

Journal of the Operational Research Society, 2023, vol. 74, issue 1, 417-429

Abstract: In group decision-making processes, decision makers may have different risk preference types, which usually make them take various responses to the same problem. In minimum cost consensus problems, risk seekers, risk neutrals and risk averters may exhibit individual cost adjustment characteristics, which require aggregating their opinions in a model. To solve this problem, this paper presents a minimum cost consensus model to obtain group consensus preferences using a general optimization model, which can handle three types of risk preferences in decision making. In addition, a data-driven weighting scheme for the degrees of importance of decision makers is developed, and a generalized group consensus opinion aggregation function is designed. The proposed group consensus opinion aggregation function extends the existing developed opinion production method, which is more compatible than other aggregation functions. Finally, the proposed minimum cost consensus with risk preferences model is verified through an illustrative example.

Date: 2023
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DOI: 10.1080/01605682.2022.2046519

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