Decision Making Under Uncertainty—An Example for Seismic Risk Management

Solomon Tesfamariam, Rehan Sadiq and Homayoun Najjaran

Risk Analysis, 2010, vol. 30, issue 1, 78-94

Abstract: Decision‐making techniques are used to select the “best” alternatives under multiple and often conflicting criteria. Multicriteria decision making (MCDM) necessitates to incorporate uncertainties in the decision‐making process. The major thrust of this article is to extend the framework proposed by Yager(1) for multiple decisionmakers and fuzzy utilities (payoffs). In addition, the concept of expert credibility factor is introduced. The proposed approach is demonstrated for an example of seismic risk management using a heuristic hierarchical structure. A step‐by‐step formulation of the proposed approach is illustrated using a hypothetical example and a three‐story reinforced concrete building.

Date: 2010
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https://doi.org/10.1111/j.1539-6924.2009.01331.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:30:y:2010:i:1:p:78-94

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