The generalized index of maximum and minimum level and its application in decision-making

José M. Merigó and Montserrat Casanovas Ramon
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Montserrat Casanovas Ramon: Universitat de Barcelona

No 231, Working Papers in Economics from Universitat de Barcelona. Espai de Recerca en Economia

Abstract: We present a new decision-making approach that uses distance measures and induced aggregation operators. We introduce the induced ordered weighted averaging distance (IOWAD) operator, a new aggregation operator that extends the OWA operator by using distance measures and a reordering of the arguments that depends on order-inducing variables. The main advantage of the IOWAD is that it provides a parameterized family of distance aggregation operators between the maximum and the minimum distance based on a complex reordering process that reflects a complex attitudinal character of the decision-maker. We study some of its main properties and particular cases. We develop an application in a decision-making problem regarding the selection of investments. We see that the main advantage of this approach in decision-making is that it is able to provide a more complete picture of the decision process, so the decision-maker is able to select the alternative most in accordance with his interests.

JEL-codes: C44 C49 D81 D89 (search for similar items in EconPapers)
Pages: 0 pages
Date: 2009
New Economics Papers: this item is included in nep-upt
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Working Paper: The generalized index of maximum and minimum level and its application in decision making (2008)
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