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Consensus group decision making under model uncertainty with a view towards environmental policy making

Phoebe Koundouri, Georgios I. Papayiannis, Electra Petracou and Athanasios Yannacopoulos

No 2305, DEOS Working Papers from Athens University of Economics and Business

Abstract: In this paper we propose a consensus group decision making scheme under model uncertainty consisting of a two-stage procedure and based on the concept of Frechet barycenter. The first stage is a clustering procedure in the metric space of opinions leading to homogeneous groups, whereas the second stage consists of a proposal most likely to be accepted by all groups. An evolutionary learning scheme of proposal updates leading to consensus is also proposed. The schemes are illustrated in examples motivated from environmental economics.

Keywords: consensus group decision making; model uncertainty; environmental decision making; Frechet barycenter (search for similar items in EconPapers)
Date: 2023-02-06
New Economics Papers: this item is included in nep-cdm, nep-env and nep-hme
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