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Assessing the Performance of the Construction Sectors in the Baltic States and Poland

Valentinas Podvezko (), Simona Kildienė () and Edmundas Kazimieras Zavadskas ()
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Valentinas Podvezko: Vilnius Gediminas Technical University, Department of Mathematical Statistics, Vilnius, Lithuania
Simona Kildienė: Research Institute of Smart Building Technologies; Vilnius Gediminas Technical University, Vilnius, Lithuania
Edmundas Kazimieras Zavadskas: Corresponding author Research Institute of Smart Building Technologies; Vilnius Gediminas Technical University, Vilnius, Lithuania

Panoeconomicus, 2017, vol. 64, issue 4, 493-512

Abstract: The paper describes the evaluation of the construction market performance in three Baltic States, including Estonia, Latvia, Lithuania and Poland, based on using structural statistical criteria. The evaluation covers various periods of time, embracing the time before the economic crisis, in 2007, during the economic crisis, in 2009, and after the economic crisis, in 2013. For assessing the efficiency of their construction sectors’ performance, the investigated countries are arranged in the order of preference according to this indicator by using three multiple-criteria decision making methods (MCDM), such as SAW, TOPSIS and COPRAS. These evaluation methods are based on determining the weights of the structural criteria used. For this purpose, three various methods, including the entropy, the method of the criteria impact loss (CILOS) and a new method of determining the objective criteria weights (IDOCRIW) suggested by the authors. The results obtained allowed the researchers to assess the construction market performance in the considered states in various periods of time, to compare them with other countries and to rank them based on this parameter. Therefore, the suggested method of market performance evaluation may be used as an effective supplementary aid for determining the priorities in the future business development, as well as for studying the competitive markets or directing the cash flows of an enterprise to the appropriate areas.

Keywords: : Construction sector; Market indicators; Assessing MCDM; Entropy method; CILOS method; IDOCRIW method (search for similar items in EconPapers)
JEL-codes: C44 C51 N60 (search for similar items in EconPapers)
Date: 2017
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