PIIPTI, or the Principle of Increasing Irrelevance of Preference Type Information

Elemer Elad Rosinger

MPRA Paper from University Library of Munich, Germany

Abstract: It is shown that in the case of a single decision maker who optimizes several possibly conflicting objectives, the amount of information available in preference relations among pairs of possible decisions, when compared with all other possible information, is tending to zero exponentially with the number of those different objectives. Consequently, in the case of a larger number of conflicting objectives, the only way to obtain a satisfactory amount of information is by the use of non-preference type relations among possible decisions.

Keywords: single decision maker; multiple criteria decision making; increasing irrelevance of preference type information (search for similar items in EconPapers)
JEL-codes: C0 C02 C6 (search for similar items in EconPapers)
Date: 2005
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