An axiomatization of the Euclidean compromise solution

Mark Voorneveld, Anne van den Nouweland and Rich McLean
Additional contact information
Anne van den Nouweland: Department of Economics, University of Oregon
Rich McLean: Department of Economics, Rutgers University

No 703, SSE/EFI Working Paper Series in Economics and Finance from Stockholm School of Economics

Abstract: The utopia point of a multicriteria optimization problem is the vector that specifies for each criterion the most favourable among the feasible values. The Euclidean compromise solution in multicriteria optimization is a solution concept that assigns to a feasible set the alternative with minimal Euclidean distance to the utopia point. The purpose of this paper is to provide a characterization of the Euclidean compromise solution. Consistency plays a crucial role in our approach.

Keywords: Consistency; Euclidean compromise solution; Multicriteria optimization (search for similar items in EconPapers)
JEL-codes: C60 C61 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2008-10-13
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Axiomatizations of the Euclidean compromise solution (2011)
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