MACBETH — An Interactive Path Towards the Construction of Cardinal Value Functions
01 Oct 1994-International Transactions in Operational Research (No longer published by Elsevier)-Vol. 1, Iss: 4, pp 489-500
TL;DR: The MACBETH approach proposes a simple questioning procedure to ‘drive’ the interactive quantification of values through pairwise verbal judgements of difference of attractiveness between valuable elements of a set A.
About: This article is published in International Transactions in Operational Research.The article was published on 1994-10-01. It has received 405 citations till now.
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TL;DR: A panorama of decision making methods in economics and summarizes the most important results and applications over the last five years can be found in this article, where the authors consider decision making in light of the recent developments of multiple criteria decision-making methods.
Abstract: The main research activities in economics during the last five years have significantly increased. The main research fields are operation research and sustainable development. The philosophy of decision making in economics is to assess and select the most preferable solution, implement it and to gain the biggest profit. Preferences are used in a lot of problem situations both in individual and organizational decision making processes. A number of effective decision making methods that support decisions under conditions of multiple criteria have appeared in the last decade. This paper presents a panorama of decision making methods in economics and summarizes the most important results and applications over the last five years. This paper considers decision making in light of the recent developments of multiple criteria decision making methods (because classical methods are overviewed in a lot of earlier publications). Authors of different approaches, pioneering studies and works are presented in s...
632 citations
Cites methods from "MACBETH — An Interactive Path Towar..."
...(MACBETH) Bana e Costa and Vansnick (1994) Authors Complex Proportional Assessment (COPRAS) Zavadskas and Kaklauskas (1996) Authors Complex Proportional ASsessment method with Grey interval numbers (COPRAS-G) Zavadskas et al. (2008) Authors....
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TL;DR: The purpose of this paper is to explain why the above method needs to be revised, and to propose a new version that takes into account a new kind of information from the DM and changes certain computing rules of the former method.
567 citations
TL;DR: Distinguishing necessary and possible consequences of preference information on the complete set of actions, UTAGMS answers questions of robustness analysis and can support the decision maker when his/her preference statements cannot be represented in terms of an additive value function.
448 citations
TL;DR: Based on the experience in real-life applications, it is discussed how multicriteria decision aid (MCDA) methods can be used successfully in environmental planning and decision processes, thus making the decision process traceable and transparent.
Abstract: In environmental planning and decision processes several alternatives are analyzed in terms of multiple noncommensurate criteria, and many different stakeholders with conflicting preferences are involved Based on our experience in real-life applications, we discuss how multicriteria decision aid (MCDA) methods can be used successfully in such processes MCDA methods support these processes by providing a framework for collecting, storing, and processing all relevant information, thus making the decision process traceable and transparent It is therefore possible to understand and explain why, under several conflicting preferences, a particular decision was made The MCDA framework also makes the requirements for new information explicit, thus supporting the allocation of resources for the process
384 citations
References
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TL;DR: A method of scaling ratios using the principal eigenvector of a positive pairwise comparison matrix is investigated, showing that λmax = n is a necessary and sufficient condition for consistency.
8,117 citations
Book•
01 Jan 1986
TL;DR: In this article, the authors present an integrative presentation of the principles of decision analysis in a behavioral context, including sensitivity analysis, value-utility distinction, multistage inference, attitudes toward risk, and attempt to make intuitive sense out of what have been treated in the literature as endemic biases and other errors of human judgement.
Abstract: Decision analysis is a technology designed to help individuals and organizations make wise inferences and decisions. It synthesises ideas from economics, statistics, psychology, operations research, and other disciplines. A great deal of behavioural research is relevant to decision analysis; behavioural scientists have both suggested easy and natural ways to describe and quantify problems and shown the kind of errors to which unaided intuitive judgements can lead. This long-awaited book offers the4first integrative presentation of the principles of decision analysis in a behavioural context. The authors break new ground on a variety of technical topics (sensitivity analysis, the value-utility distinction, multistage inference, attitudes toward risk), and attempt to make intuitive sense out of what have been treated in the literature as endemic biases and other errors of human judgement. Those interested in artificial intelligence will find it the easiest presentation of hierarchical Bayesian inference available.
2,616 citations
2,138 citations
TL;DR: Conditions for additive, multiplicative, and more complex forms of the measurable multiattribute value function are presented, providing a link between the additive value function and multiattribute utility theory.
Abstract: This paper presents a theory of measurable multiattribute value functions. Measurable value functions are based on the concept of a “preference difference” between alternatives and provide an interval scale of measurement for preferences under certainty. We present conditions for additive, multiplicative, and more complex forms of the measurable multiattribute value function. This development provides a link between the additive value function and multiattribute utility theory.
606 citations
Book•
01 Jan 1979
TL;DR: In this paper, the authors present three representation problems: Ordinal, Extensive, and Difference Measurement, and the uniqueness problem, and apply them to Psychophysical Scaling.
Abstract: Introduction 1. Relations 2. Fundamental Measurement, Derived Measurement, and the Uniqueness Problem 3. Three Representation Problems: Ordinal, Extensive, and Difference Measurement 4. Applications to Psychophysical Scaling 5. Project Structures 6. Nontransitive Indifference, Probabilistic Consistency, and Measurement without Numbers 7. Decisionmaking under Risk or Uncertainty 8. Subjective Probability.
538 citations