Multiple-attribute decision making with partial information: The expected-value criterion

✍ Scribed by Johnnie R. Charnetski; Richard M. Soland

• Publisher: John Wiley and Sons
• Year: 1979
• Tongue: English
• Weight: 501 KB
• Volume: 26
• Category: Article
• ISSN: 0894-069X
• DOI: 10.1002/nav.3800260206

✦ Synopsis

Abstract

We consider the multiple‐attribute decision problem with finite action set and additive utility function. We suppose that the decision maker cannot specify nonnegative weights for the various attributes which would resolve the problem, but that he/she supplies ordinal information about these weights which can be translated into a set of linear constraints restricting their values. A bounded polytope W of feasible weight vectors is thus determined. Supposing that each element of W has the same chance of being the “appropriate one,” we compute the expected utility value of each action. The computation method uses a combination of numerical integration and Monte Carlo simulation and is equivalent to finding the center of mass of the bounded polytope W. Comparisons are made with another criterion already presented, the comparative hyper‐volume criterion, and two small examples are presented.