Behavioral multi-criteria decision analysis: the TODIM method with criteria interactions

Gomes, Luiz Flávio Autran Monteiro; Machado, Maria Augusta Soares; Rangel, Luís Alberto Duncan

doi:10.1007/s10479-013-1345-0

Cited by 44 publications

(21 citation statements)

References 26 publications

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“…The Minkowski distance of order p between two points , ∈ is defined as ( , ) = (∑ | − | =1 ) 1⁄ . The two measures in equation (10) represent the weighted value distances of alternative i to the PIS and NIS.…”

Section: The Ervd Methodsmentioning

confidence: 99%

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A Multiple Criteria Decision Making Method Based on Relative Value Distances

Shyur

Liang

Shih

et al. 2015

Foundations of Computing and Decision Sciences

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Abstract. This paper proposes a new multiple criteria decision-making method called ERVD (election based on relative value distances). The s-shape value function is adopted to replace the expected utility function to describe the risk-averse and risk-seeking behavior of decision makers. Comparisons and experiments contrasting with the TOPSIS (Technique for Order Preference by Similarity to the Ideal Solution) method are carried out to verify the feasibility of using the proposed method to represent the decision makers' preference in the decision making process. Our experimental results show that the proposed approach is an appropriate and effective MCDM method.

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Section: The Ervd Methodsmentioning

confidence: 99%

“…The trade-off weighting factors of TODIM are interpreted as probabilities. Although TODIM does not deal with risk directly, it deals with the risk attitude of decision maker [10]. Wang et.…”

Section: Valuementioning

confidence: 99%

A Multiple Criteria Decision Making Method Based on Relative Value Distances

Shyur

Liang

Shih

et al. 2015

Foundations of Computing and Decision Sciences

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“…Kabir et al [10] identified and classified 300 researches in the field of infrastructure management, which are related to the field of MCDM. Monterio Gomes et al [18] present a model for analysis of the behavioral aspects of MCDM. They also analyze the implications of using the TODIM method.…”

Section: A Review Of Multi Criteria Decision Making and The Value Of mentioning

confidence: 99%

Paradox of Multi Criteria Decision Making Processes

Greenstein¹

2017

ujm

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In the global environment decision makers should considers several aspects. Some of them have contradicted influence, and some aspects are not comparable to others. It leads decision-makers to limited ability of judgment between several aspects. Moreover, in a vibrant world, where technological changes occur in small intervals over time, the considerations of decision makers are changing frequently and dramatically. Thus, decision makers cannot adjust their decision mechanism instantly. This leads us to the need to better understand human decision process. This research presents a new extension of the Information Structure model, which is built using a normative approach in order to understand the mechanisms of multi-criteria decision-making (MCDM) processes. A consequent analysis explains decision-making behavior under the assumptions of bounded rationality. The analysis deals with decision situations, in which it is assumed that a decision-maker cannot formulate a joint utility function constituted from different criteria, which are completely or partially inestimable (intangible). Moreover, the model demonstrates problematic issues of MCDM processes; for example, when the improvement of a service paradoxically leads to a decline in a firm's market share. The model enables implementation of the general informativeness ratio between information structures to such environments. The model is based on the assumption of Bounded-Rationality, that a decision process takes several criteria into account, and handles with a decision-maker that cannot formulate a joint utility function constituted from different criteria. The results of the analysis after applying the model suggest that an optimal solution cannot be obtained; thus, a different approach is proposedthat of optimization subject to rational satisfaction. This approach can be implemented, for example in the design stage of decision support systems (DSS). The method may be implemented for decision situations, in which intangible decision criteria are taken into consideration.

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“…To well capture the DM's behavioral characteristics, prospect theory developed by Tversky and Kahneman [18] is integrated into the MADM process, which is called the behavioral MADM. Gomes and Lima [19] developed a discrete MADM approach based on prospect theory, which is called the TODIM approach and has been applied in the selection of the destination of natural gas [20], the evaluation of residential properties [21], oil spill response [22], etc. On the other hand, many fuzzy behavioral MADM techniques have recently been developed, for example, Liu et al [23] developed a fuzzy MADM method based on prospect theory for solving risk decision problems with interval probability in which the attribute values take the form of uncertain linguistic variables.…”

Section: Introductionmentioning

confidence: 99%

New Interval-Valued Intuitionistic Fuzzy Behavioral MADM Method and Its Application in the Selection of Photovoltaic Cells

Zhang

2016

Energies

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As one of the emerging renewable resources, the use of photovoltaic cells has become a promise for offering clean and plentiful energy. The selection of a best photovoltaic cell for a promoter plays a significant role in aspect of maximizing income, minimizing costs and conferring high maturity and reliability, which is a typical multiple attribute decision making (MADM) problem. Although many prominent MADM techniques have been developed, most of them are usually to select the optimal alternative under the hypothesis that the decision maker or expert is completely rational and the decision data are represented by crisp values. However, in the selecting processes of photovoltaic cells the decision maker is usually bounded rational and the ratings of alternatives are usually imprecise and vague. To address these kinds of complex and common issues, in this paper we develop a new interval-valued intuitionistic fuzzy behavioral MADM method. We employ interval-valued intuitionistic fuzzy numbers (IVIFNs) to express the imprecise ratings of alternatives; and we construct LINMAP-based nonlinear programming models to identify the reference points under IVIFNs contexts, which avoid the subjective randomness of selecting the reference points. Finally we develop a prospect theory-based ranking method to identify the optimal alternative, which takes fully into account the decision maker's behavioral characteristics such as reference dependence, diminishing sensitivity and loss aversion in the decision making process.

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Behavioral multi-criteria decision analysis: the TODIM method with criteria interactions

Cited by 44 publications

References 26 publications

A Multiple Criteria Decision Making Method Based on Relative Value Distances

A Multiple Criteria Decision Making Method Based on Relative Value Distances

Paradox of Multi Criteria Decision Making Processes

New Interval-Valued Intuitionistic Fuzzy Behavioral MADM Method and Its Application in the Selection of Photovoltaic Cells

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