Value Efficiency Analysis in Practice

Tarja Joro and Pekka Korhonen
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Tarja Joro: University of Alberta

Chapter Chapter 8 in Extension of Data Envelopment Analysis with Preference Information, 2015, pp 111-126 from Springer

Abstract: Abstract The value efficiency analysis (VEA) is an approach, in which the most preferred solution (MPS) plays a key role in the analysis as described in Chap. 7 . For a rational DM any point on the efficient frontier of the production possibility set is a possible and reasonable choice. If the production possibility set is convex, then the efficient given units are only a finite subset of the whole (uncountable) efficient frontier. In this case, the final choice of a DM is very seldom—if ever, a given efficient unit—if he/she freely searches for the MPS on the efficient frontier.

Keywords: Efficiency Score; Efficient Frontier; Tangent Cone; Efficient Unit; Multiple Criterion Decision Making (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-1-4899-7528-7_8

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