Showing papers in "Technological and Economic Development of Economy in 2014"
TL;DR: There is a need for research to study the strengths and weaknesses of different decision-making methods, as the situation with reviews of MCDM/MADM methods is described.
Abstract: Decision-making is primarily a process that involves different actors: people, groups of people, institutions and the state. As a discipline, multi-criteria decision-making has a relatively short history. Since 1950s and 1960s, when foundations of modern multi-criteria decision-making methods have been laid, many researches devoted their time to development of new multi-criteria decision-making models and techniques. In the past decades, researches and development in the field have accelerated and seem to continue growing exponentially. Despite the intensive development worldwide, few attempts have been made to systematically present the theoretical bases and developments of multi-criteria decision-making methods. However, the methodological choices and framework for assessment of decisions are still under discussion. The article describes the situation with reviews of MCDM/MADM methods. Furthermore, there is a need for research to study the strengths and weaknesses of different decision-making me...
579 citations
TL;DR: In this article, two MCDM methods are applied in this research for decision making in high-tech industries in Iran and the final result shows that Nanotechnology is at the top of the list.
Abstract: One of the symbols of developed countries is high tech industries. High tech industries have a large margin. One of the priorities of developing countries is the progress in this type of industries. The decisions about priority of developing an industry are so hard that seems it should be seen from different perspectives. This research is focused on decision and policy making in priority of high tech industries in Iran. Two MCDM methods are applied in this research for decision making in this area. SWARA for evaluating and weighting criteria and COPRAS for evaluating and ranking alternatives are applied. Eleven experts from different fields participated in this research to make decision with SWARA and COPRAS. Four high tech industries including Biomedical Micro Electromechanical Systems (BioMEMS), Nano Technology, Biotechnology, and Biomedical Engineering were selected for this research. These industries were selected based on the potential of Iran. Final result shows that Nanotechnology is at the...
124 citations
TL;DR: In this article, a comparative efficiency study of 19 Polish universities of technology was carried out, where potential input, output, and environmental variables describing the HEI efficiency model were analyzed.
Abstract: Public higher education sector is under a growing pressure worldwide to increase efficiency and improve the quality of its activities Limited financial resources as well as detailed regulations and supervision of their spending are the important features of the public higher education sector Another important and debated issue is the division of public money among higher education institutions (HEI) It is therefore crucial to create stimuli for the rational management of public funds by HEI and for the quality improvement of HEI services One of the proposed ways to achieve the desired result is the comparative efficiency assessment of HEI activities Setting clear reference points for HEI, such assessment may be treated as a substitute for market competitionThis paper describes a comparative efficiency study of 19 Polish universities of technology Detailed analysis of potential input, output and environmental variables describing the HEI efficiency model was carried out The study used the C
122 citations
TL;DR: Two regression methods are developed to transform hesitant fuzzy preference relations (HFPRs) into reduced FPRs which satisfy the weak consistency and are more efficient in the Matlab environment.
Abstract: In this paper, we develop two regression methods that transform hesitant fuzzy preference relations (HFPRs) into fuzzy preference relations (FPRs). On the basis of the complete consistency, reduced FPRs with the highest consistency levels can be derived from HFPRs. Compared with a straightforward method, this regression method is more efficient in the Matlab environment. Based on the weak consistency, another regression method is developed to transform HFPRs into reduced FPRs which satisfy the weak consistency. Two algorithms are proposed for the two regression methods, and some examples are provided to verify the practicality and superiority of the proposed methods.
83 citations
TL;DR: In this paper, the authors examined the role of sentiment in forecasting financial performance and found that sentiment information is an important forecasting determinant of financial performance, and can be used to support decision-making process of corporate stakeholders.
Abstract: This paper is aimed at examining the role of annual reports’ sentiment in forecasting financial performance. The sentiment (tone, opinion) is assessed using several categorization schemes in order to explore various aspects of language used in the annual reports of U.S. companies. Further, we employ machine learning methods and neural networks to predict financial performance expressed in terms of the Z-score bankruptcy model. Eleven categories of sentiment (ranging from negative and positive to active and common) are used as the inputs of the prediction models. Support vector machines provide the highest forecasting accuracy. This evidence suggests that there exist non-linear relationships between the sentiment and financial performance. The results indicate that the sentiment information is an important forecasting determinant of financial performance and, thus, can be used to support decision-making process of corporate stakeholders.
69 citations
TL;DR: In this paper, the relationship between greenhouse gas emissions (GHG) and gross domestic product (GDP) using the environmental Kuznets curve (EKC) technique is considered. But, the analysis is based on the survey of EU-27, Norway and Switzerland in the period of 1995-2010.
Abstract: The paper considers the relationship between greenhouse gas emissions (GHG) as the main variable of climate change and gross domestic product (GDP), using the environmental Kuznets curve (EKC) technique. At early stages of economic growth, EKC indicates the increase of pollution related to the growing use of resources. However, when a certain level of income per capita is reached, the trend reverses and at a higher stage of development, further economic growth leads to improvement of the environment. According to the researchers, this implies that the environmental impact indicator is an inverted U-shaped function of income per capita. In this paper, the cubic equation is used to empirically check the validity of the EKC relationship for European countries. The analysis is based on the survey of EU-27, Norway and Switzerland in the period of 1995–2010. The data is taken from the Eurostat database. To gain some insights into the environmental trends in each country, the article highlights the speci...
68 citations
TL;DR: A hybrid approach is proposed for financial performance evaluation of automotive companies of Tehran stock exchange (TSE) based on the accounting measures and economic value measures based on Fuzzy Analytic Hierarchy Process.
Abstract: Financial performance evaluation is very important in a highly competitive business environment. Accordingly, an accurate and appropriate performance evaluation is critical. Financial performance indicators reflect the competitiveness of a company and they must be carefully identified in the evaluation process. Generally, accounting measures are used for performance evaluation. However, these measures are not sufficient for performance evaluation in the today’s competitive economy. Therefore, value based measures have recently been introduced to express the company value. In this study, a hybrid approach is proposed for financial performance evaluation of automotive companies of Tehran stock exchange (TSE). For this purpose, a hierarchical financial performance evaluation model is structured based on the accounting measures and economic value measures. In this approach Fuzzy Analytic Hierarchy Process (FAHP) is applied to determine weights of criteria. Then the companies are ranked by using Fuzzy ...
61 citations
TL;DR: In this paper, the authors proposed a hybrid model of AHP and COPRAS-G methods for evaluating the website quality of banks in Turkey, which sheds light on understanding weights of evaluation criteria related to quality of bank websites.
Abstract: The quality of websites can directly influence bank's effectiveness. Therefore, the effective evaluation of the quality of bank websites is a point of concern for customers, owners, and researchers. The primary goal of the study is to propose a hybrid model of AHP and COPRAS-G methods for evaluating the website quality of banks. Furthermore, this study sheds light on understanding weights of evaluation criteria related to quality of bank websites. In this study, the weights of the evaluation criteria are computed by AHP method. Next, COPRAS-G is used to assess the quality levels of the websites and to rank them. A case study of evaluating the quality of bank websites of seventeen banks in Turkey is used to demonstrate the applicability and the effectiveness of this model. Empirical findings show that banks in Turkey utilize the Internet to its full potential to improve their websites. Furthermore, Garanti Bankasi has the best overall performance, followed by TEB, and Ziraat Bankasi. Additionally, ...
61 citations
TL;DR: An in-depth study of multiple-criteria decision analysis methods to identify the most appropriate ones for performing management tasks in resource-limited settings and determined that the AHP approach was chosen.
Abstract: Selecting medical equipment is a complex multidisciplinary task requiring mathematical tools, considering associated uncertainties. This paper offers an in-depth study of multiple-criteria decision analysis (MCDA) methods to identify the most appropriate ones for performing management tasks in resource-limited settings. The chosen articles were divided into three topics: evaluation of projects and equipment, selection of projects and equipment, and development of medical devices. Three methods (analytic hierarchy process [AHP], multi-attribute utility theory and elimination and choice expressing reality) were selected for detailed analyses of their application for medical equipment management. Twenty-one work using MCDA, artificial neural networks, human factors engineering, and value analysis were analysed in the framework of medical equipment management. The important aspects of the procedure were described, highlighting their advantages and disadvantages. It was determined that the AHP approach...
48 citations
TL;DR: This study proposes an evaluation approach for bank loan default classification models based on multiple criteria decision making (MCDM) methods and a large real-life Chinese bank loan dataset is used to validate the proposed approach.
Abstract: Banks and financial institutions rely on loan default prediction models in credit risk management. An important yet challenging task in developing and applying default classification models is model evaluation and selection. This study proposes an evaluation approach for bank loan default classification models based on multiple criteria decision making (MCDM) methods. A large real-life Chinese bank loan dataset is used to validate the proposed approach. Specifically, a set of performance metrics is utilized to measure a selection of statistical and machine-learning default models. The technique for order preference by similarity to ideal solution (TOPSIS), a MCDM method, takes the performances of default classification models on multiple performance metrics as inputs to generate a ranking of default risk models. In addition, feature selection and sampling techniques are applied to the data pre-processing step to handle high dimensionality and class unbalancedness of bank loan default data. The res...
44 citations
TL;DR: An approach based on intuitionistic fuzzy Einstein Choquet integral operators is presented for several attribute decision-making problem and a practical decision making problem involving the water resource management is given to illustrate the multiple attribute decision making process.
Abstract: In this paper, we propose some new aggregation operators which are based on the Choquet integral and Einstein operations. The operators not only consider the importance of the elements or their ordered positions, but also consider the interactions phenomena among the decision making criteria or their ordered positions. It is shown that the proposed operators generalize several intuitionistic fuzzy Einstein aggregation operators. Moreover, some of their properties are investigated. We also study the relationship between the proposed operators and the existing intuitionistic fuzzy Choquet aggregation operators. Furthermore, an approach based on intuitionistic fuzzy Einstein Choquet integral operators is presented for multiple attribute decision-making problem. Finally, a practical decision making problem involving the water resource management is given to illustrate the multiple attribute decision making process.
TL;DR: In this paper, the authors reviewed some previous studies on measuring the efficiency of public (secondary) education sector as well as some conceptual and methodological issues of a non-parametric approach.
Abstract: This article continues on a number of previous studies by other scientists in investigating secondary education efficiency by applying a non-parametric methodology. In this respect, the purpose of the article is to review some previous studies on measuring the efficiency of public (secondary) education sector as well as some conceptual and methodological issues of a non-parametric approach. Most importantly, the Data Envelopment Analysis (DEA) technique is presented and then applied to a wide range of EU and OECD countries, including Slovenia and Croatia, to evaluate the technical efficiency of secondary education. The empirical results show that technical efficiency in secondary education varies significantly across the great majority of EU and OECD countries. Both Slovenia and Croatia show a relatively high level of technical inefficiency in their secondary education as they respectively only rank in the third and fourth quartiles among selected countries. Therefore, rationalising public seconda...
TL;DR: In this paper, Latvian banks' efficiency scores were calculated with application of nonparametric frontier technique Data Envelopment Analysis (DEA) under Variable Returns to Scale (VRS) assumption, where potential model variables were selected based on the intermediation and profitability approach.
Abstract: The paper aims to improve the methodology of measuring efficiency of Latvian banks. Efficiency scores were calculated with application of non-parametric frontier technique Data Envelopment Analysis (DEA). Input-oriented DEA model under Variable Returns to Scale (VRS) assumption was used. Potential model variables were selected based on the intermediation and profitability approach. Fourteen alternative models with different inputs-outputs combinations were developed for the research purposes. To substantiate the variables selection for DEA model the received data was processed, using such methods, as correlation analysis, linear regression analysis, analysis of mean values, and two-samples Kolmogorov-Smirnov test. The research results assisted the authors in providing general recommendations about the variables selection for DEA application in the Latvian banking sector. The present research contributes to the existing analytical data on bank performance in Latvia. The empirical findings provide a...
TL;DR: An integrated approach which employs analytic network process (ANP) and preference ranking organization method for enrichment evaluations (PROMETHEE) together, is proposed for university selection in Turkey and results indicate that three factors, future career prospects and opportunities, scholarship and university's social life at the top in the university selection.
Abstract: Selection of the most suitable university among many alternatives is a multi-criteria decision making (MCDM) problem. In this paper, an integrated approach which employs analytic network process (ANP) and preference ranking organization method for enrichment evaluations (PROMETHEE) together, is proposed for this problem. By the way, the paper is concerned with criteria influencing student choice in Turkey to establish if there is any need in developing a multi-criteria model for predicting students’ preference for universities. The ANP is used to analyse the structure of the university selection problem and to determine weights of the criteria, and the PROMETHEE method is used to obtain final ranking, and to make a sensitivity analysis by changing the weights for criteria. The results indicate that three factors, future career prospects and opportunities, scholarship and university's social life at the top in the university selection.
TL;DR: This study combines data envelopment analysis (DEA) and improved grey relational analysis (IGRA) as efficiency tools to measure relative efficiencies of Taiwan's listed semiconductor companies in 2010.
Abstract: Today's high-tech industries face increasing competition and challenges. Thus, for hightech companies, making effective use of resources to enhance business performance and maintain the competitive advantage in the market has become increasingly important. Therefore, this study aimed to design a decision-making model for evaluating the efficiency and operating performance of Taiwan's listed semiconductor companies in 2010 to provide a basis for improving business performance. In view of this, this study combines data envelopment analysis (DEA) and improved grey relational analysis (IGRA) as efficiency tools to measure relative efficiencies; the semiconductor companies are divided into two groups, efficient and inefficient. We then integrate the multiple criteria decision making (MCDM) method (e.g. VlseKriterijumska Optimizacija I Kompromisno Resenje, VIKOR), IGRA and the entropy weight method to evaluate the operating performance of the efficient and inefficient groups, respectively. Establishing ...
TL;DR: Several methods for defuzzification and calculation of the distance between two fuzzy numbers, are discussed and by applying these methods, the Ratio system and the Reference point approach of the MOORA method can be used in fuzzy environment.
Abstract: The aim of this paper is to propose an extension of the MOORA method to use the triangular fuzzy numbers. In this paper, several methods for defuzzification and calculation of the distance between two fuzzy numbers, are discussed. By applying these methods, the Ratio system and the Reference point approach of the MOORA method can be used in fuzzy environment. Thanks to the proposed modification, the MOORA method can be used to solve a greater number of real world problems. To demonstrate the applicability and effectiveness of the proposed approach, an example of grinding circuits design selection is considered.
TL;DR: In this article, a fuzzy analytic hierarchy process (AHP) is used for the selection among four possible health research investment alternatives, and a sensitivity analysis is made for the changes in the values of various parameters.
Abstract: Health research and investments are expensive, and its explicit social, health and economic impacts are hard to define. There are many challenges and assumptions in defining specific returns on investment in health research. In the literature, there is no common approach to evaluate health research impacts. Single criterion methods are generally used with validated indicators to track overall outcomes or outcomes in a specific health research area. These methods have the ability of considering only one criterion at a time, which is usually the cost of the investment. A multicriteria method is proposed for taking care of many conflicting criteria of health research investments. The difficulty of measuring intangible criteria is captured by the fuzzy set theory. Fuzzy analytic hierarchy process (AHP) is used for the selection among four possible health research investment alternatives. A sensitivity analysis is made for the changes in the values of various parameters.
TL;DR: The empirical results reveal that a firm's revenue growth, capacity for profitability, product design and product function are highly important evaluation indexes, which indicates that Tablet PC companies should channel more efforts into their product innovation for creating revenue growth and maintaining customer loyalty.
Abstract: This study mainly evaluates the performances of Tablet PCs such as the Apple iPad based on a benefits, opportunity, costs, and risks (BOCR) conceptual framework with qualitative and quantitative criteria. We apply four methods, namely, the multiple-criteria decision-making (MCDM) tools (grey relational analysis (GRA), the technique for order performance by similarity to ideal solution (TOPSIS), the VlseKriterijumska Optimizacija I Kompromisno (VIKOR) method, and fuzzy approach) to evaluate and select the tablet PCs’ rankings and then construct a tablet PCs evaluation performance model under an analytic hierarchy process (AHP). The empirical results reveal that a firm's revenue growth, capacity for profitability, product design and product function are highly important evaluation indexes. This indicates that Tablet PC companies should channel more efforts into their product innovation for creating revenue growth and maintaining customer loyalty. Finally, fuzzy AHP also leads to the same findings.
TL;DR: An empirical two-equation dynamic panel-data model system with fixed effects is proposed to analyze the relationship between knowledge creation and economic performance across regions over time, suggesting that efficiency gains at regional level may be achieved by investing locally in the creation of new knowledge.
Abstract: An empirical two-equation dynamic panel-data model system with fixed effects is proposed to analyze the relationship between knowledge creation and economic performance across regions over time. Estimates of the model for Spanish regions show that (i) knowledge creation depends on local RD and (ii) assimilation of new knowledge depends on local knowledge creation and on assimilation of knowledge in neighboring regions. Both processes include region-specific context fixed effects and region-specific time effects, representing region-specific dynamic influences. The results imply that (a) efficiency gains at regional level may be achieved by investing locally in the creation of new knowledge, either technological or organizational; (b) creation of knowledge in a region may be promoted by using greater amounts of already existing knowledge, as well as by increasing local RD (c) both knowledge creati...
TL;DR: A hierarchy of multiple criteria decision making (MCDM) model based on fuzzy sets theory and VIKOR (in Serbian: Vise Kriterijumska Optimizacija I Kompromisno Resenje) method was proposed in this paper.
Abstract: The roles of business angels (BAs) are especially important in view of both decreasing the levels of formal venture capital investment and growing the average amount of individual deals. Angel investors typically invest at an earlier stage of growth and provide more business guidance than venture capital providers. Therefore, angel investors are the key players in generating high-growth companies, essential to regional economic development. As a result, they have attracted the attention of policy makers. Thus, this research attempted to improve the conception of decision-making criteria used by the BAs for investment, and reports the findings of an exploratory project that analysed the Malaysian BAs’ decision-making process. A hierarchy of multiple criteria decision making (MCDM) model based on fuzzy sets theory and VIKOR (in Serbian: Vise Kriterijumska Optimizacija I Kompromisno Resenje) method were proposed in order to look into the decision making process. For this reason, 5 main criteria and 2...
TL;DR: In this article, the authors investigated the effects of diversification on the Chinese banks' return and risk from the aspect of sector, and found that sectorial diversification is associated with reduced return and also decreased risk at the same time.
Abstract: Does diversification of credit portfolio indeed lead to increased performance and reduced risk of banks as traditional portfolio theory suggests? This paper investigates empirically the effects of diversification on the Chinese banks’ return and risk from the aspect of sector. Panel data on 16 Chinese listed commercial banks during the 2007–2011 period is used for the study. We construct a new diversification measure, taking systematic risk of different sectors into consideration by weighting them with their betas and compare the results with those of more conventional measure HHI. We find that sectorial diversification is associated with reduced return and also decreased risk at the same time, which however, contradicts existing findings in developed countries such as Italy and Germany, and also in emerging economies such as Brazil and Argentina. Our analysis also provides important implication for regulators and policy makers of the banks in emerging markets.
TL;DR: Three new aggregation operators are developed that can assess the uncertain information within the problem by using both linguistic labels and the probabilistic information that considers the attitudinal character of the decision maker.
Abstract: With respect to decision making problems by using probabilities, immediate probabilities and information that can be represented with linguistic labels, some new decision analysis are proposed. Firstly, we shall develop three new aggregation operators: generalized probabilistic 2-tuple weighted average (GP-2TWA) operator, generalized probabilistic 2-tuple ordered weighted average (GP-2TOWA) operator and generalized immediate probabilistic 2-tuple ordered weighted average (GIP-2TOWA) operator. These operators use the weighted average (WA) operator, the ordered weighted average (OWA) operator, linguistic information, probabilistic information and immediate probabilistic information. They are quite useful because they can assess the uncertain information within the problem by using both linguistic labels and the probabilistic information that considers the attitudinal character of the decision maker. In these approaches, alternative appraisal values are calculated by the aggregation of 2-tuple lingui...
TL;DR: In this article, the authors examined the wage effects of educational mismatches across segments of the earnings distribution in 12 countries and found that the mismatch phenomenon entails wage losses over and above those attributable to unobservable earnings determinants, including ability and skills possessed by workers.
Abstract: This paper uses a sample of private sector male workers from the European Community Household Panel to examine the wage effects of educational mismatches across segments of the earnings distribution in 12 countries. We consider two types of mismatch, overqualification and skills mismatches. By differentiating between quantiles, we discriminate between groups of workers with different unobservable earnings conditions. We find that the detrimental effects of skill mismatches on wages are larger than those of overqualification in most segments of the earnings distribution. Moreover, we find that the pay penalty of educational mismatch tends to be higher among workers with higher unconditional wages. This finding suggests that the mismatch phenomenon entails wage losses over and above those attributable to unobservable earnings determinants, including ability and skills possessed by workers.
TL;DR: In this paper, the authors proposed that the likelihood of individual participation in corporate entrepreneurship initiatives is contingent upon individual perceptions of rewards and risks, and they found that individuals with past entrepreneurial experience are less concerned about job risk and have a higher positive perception regarding the probability of corporate venture success.
Abstract: Earlier studies recognize the importance of corporate entrepreneurship towards achieving a sustainable competitive advantage. This study proposes that the likelihood of individual participation in corporate entrepreneurship initiatives is contingent upon individual perceptions of rewards and risks. The research presents different scenarios, and tests several attributes that influence the decision to participate. Conjoint analysis utilisation simulates a real life situation where scenario analyses in varying combinations in terms of their intensity levels take place. The results indicate the most important attribute influencing the decision to participate is the probability of venture success followed closely by financial reward. As expected, job risk, pay risk and required effort are deterrents to participation; and individuals with past entrepreneurial experience are less concerned about job risk and have a higher positive perception regarding the probability of corporate venture success.
TL;DR: This paper proposes a precise weight-determined (PWD) method of the monotonicity and scale-invariance, just based on the new score and accuracy functions of interval-valued intuitionistic fuzzy number (IIFN).
Abstract: An important research topic related to the theory and application of the interval-valued intuitionistic fuzzy weighted aggregation operators is how to determine their associated weights. In this paper, we propose a precise weight-determined (PWD) method of the monotonicity and scale-invariance, just based on the new score and accuracy functions of interval-valued intuitionistic fuzzy number (IIFN). Since the monotonicity and scale-invariance, the PWD method may be a precise and objective approach to calculate the weights of IIFN and interval-valued intuitionistic fuzzy aggregation operator, and a more suitable approach to distinguish different decision makers (DMs) and experts in group decision making. Based on the PWD method, we develop two new interval-valued intuitionistic fuzzy aggregation operators, i.e. interval-valued intuitionistic fuzzy ordered precise weighted averaging (IIFOPWA) operator and interval-valued intuitionistic fuzzy ordered precise weighted geometric (IIFOPWG) operator, and ...
TL;DR: In this article, a multi-criteria framework for frontier assessment of efficiency and productivity across the Lithuanian economic sectors throughout 2000-2010 was presented, where data envelopment analysis was employed to estimate efficiency in terms of an output indicator (value added) and input indicators (intermediate consumption, capital consumption, and remunerations).
Abstract: Reasonable strategic management requires the complex assessment of the regulated area. This study, thus, presents a multi-criteria framework for frontier assessment of efficiency and productivity across the Lithuanian economic sectors throughout 2000–2010. The data envelopment analysis was employed to estimate efficiency in terms of an output indicator (value added) and input indicators (intermediate consumption, capital consumption, and remunerations). Furthermore, the decomposition of the Malmquist productivity index enabled to describe the impact of frontier shifts and catch-up effect on the overall change in efficiency. The multi-criteria decision making method MULTIMOORA aggregated different indicators of efficiency and productivity and thus resulted in the ranking of the economic sectors. The analysis suggests that services sector was the most efficient one, whereas manufacturing was second best. Certain branches of manufacturing, namely pharmaceutical, wood, food, and furniture industry, we...
TL;DR: In this paper, the authors detect the pattern of structural changes of the Lithuanian economy and evaluate it in the global context, based on the classic three-sector model, which involves structural changes assessment methods and comparative analysis of statistical data on economic structures.
Abstract: Structural economic change theory focuses on the process through which economic structures have been transformed from traditional agriculture economy to more modern and industrially diverse manufacturing and service ones. The purpose of this paper is to detect the pattern of structural changes of the Lithuanian economy and to evaluate it in the global context. Structural economic statistics of the countries provide a view of a particular year delivered by indicator of the level of output in a considered sector of selected country’s economy. Research methodology is based on the classic three-sector model, which involves structural changes’ assessment methods and comparative analysis of statistical data on economic structures. The main findings reveal peculiarities of the structural change tendencies of the Lithuanian economy in the global context. First of all, the economies of selected countries are being analyzed from the point of view of three-sectoral divisions, such as agriculture, industry an...
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TL;DR: The aim of this research is to present the evolution in time of the published DSS research materials and to test the usefulness and relevance of the information provided by the above mentioned databases.
Abstract: Decision Support Systems (DSS) have evolved in time, influenced by technological and organizational developments. The scientists’ interest for DSS has increased over the years and the use of this type of systems has spread in all domains of activity. The paper presents the results of a literature search, made in September 2013, regarding the Decision Support Systems evolution as it is reflected in three scientific databases (ScienceDirect, IEEE Xplore Digital Library and ACM Digital Library). The aim of this research is to present the evolution in time of the published DSS research materials and to test the usefulness and relevance, for the topic searched, of the information provided by the above mentioned databases.
TL;DR: In this article, a new robustness analysis framework is proposed where robustness of a solution in a decision aiding process is measured as the distance from that solution to an expected outcome, chosen by the decision-aiding analyst.
Abstract: A new robustness analysis framework is proposed where robustness of a solution in a decision aiding process is measured as the distance from that solution to an expected outcome, chosen by the decision-aiding analyst. The framework is explained by the application of the TODIM method of multicriteria decision aiding to the problem of predicting rental ranges for properties in a Chilean city. Therefore, the robustness concern concentrates on changes in criteria weights as well as in trade-off rates, as they are defined in the method. Two main contributions are introduced: a local robustness measure, defined in terms of a distance among rankings; and a global robustness measure, as an adaptation of the minimax-regret rule to select a global robust solution, i.e. a ranking produced by TODIM.
TL;DR: In this paper, the contribution of micro-finance investment funds to a sustainable financial portfolio is discussed, and it is shown that the socially responsible investors may invest into microfinance without sacrifice with respect to pure financial indicators.
Abstract: This article is concerned with contribution of microfinance investment funds to a sustainable financial portfolio. With regard to the dependence of microfinance funds’ returns on the performance of stock and fixed income markets in developed and emerging economies we find slightly negative correlation when measured by the portfolio beta measure. Our regression analysis confirms that returns on investment in microfinance investment funds exceed the returns on the market portfolio. This result together with reported near-to-zero beta estimates as a proxy for the systematic risk may be taken to be a clear financial advantage of an inclusion of microfinance assets in a portfolio compared to pure stock or bond portfolios. The results based on CAPM beta and Jensen's alpha are confirmed by mean-variance spanning test. We show that the socially responsible investors may invest into microfinance without sacrifice with respect to pure financial indicators.