Evaluating Multi-criteria Decisions Under Conditions of Strong Uncertainty

Mats Danielson (), Love Ekenberg () and Aron Larsson ()
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Mats Danielson: Stockholm University
Love Ekenberg: Stockholm University
Aron Larsson: Stockholm University

A chapter in Multicriteria and Optimization Models for Risk, Reliability, and Maintenance Decision Analysis, 2022, pp 41-55 from Springer

Abstract: Abstract Decisions under risk and multi-criteria decisions are unfortunately usually studied independently, despite the fact that in actual decision-making problems often contain several criteria, as well as uncertain outcomes. This is unnecessary since the two approaches can quite straightforwardly be used within the same framework. This article describes how it can be done when the decision components are imprecise in terms of intervals and qualitative estimates. We also demonstrate an implementation of the theory on a real-life decision problem.

Keywords: Decision analysis; Decision tool; Multiple criteria; Strong uncertainty; Imprecision; Evaluation (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-3-030-89647-8_3

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DOI: 10.1007/978-3-030-89647-8_3

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