Multiple Criteria Decision Making and its Applications to Economic Problems

Authors: Ballestero, Enrique, Romero, Carlos

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About this book

Multiple Criteria Decision Making and its Applications to Economic Problems ties Multiple Criteria Decision Making (MCDM)/Multiple Objective Optimization (MO) and economics together. It describes how MCDM methods (goal programming) can be used in economics.

The volume consists of two parts. Part One of the book introduces the MCDM approaches. This first part, comprising Chapters 1-5, is basically an overview of MCDM methods that can most likely be used to address a wide range of economic problems. Readers looking for an in-depth discussion of multi-criteria analysis can grasp and become acquainted with the initial MCDM tools, language and definitions.

Part Two, which comprises Chapters 6-8, focuses on the theoretical core of the book. Thus in Chapter 6 an economic meaning is given to several key concepts on MCDM, such as ideal point, distance function, etc. It illustrates how Compromise Programming (CP) can support the standard premise of utility optimisation in economics as well as how it is capable of approximating the standard utility optimum when the decision-makers' preferences are incompletely specified. Chapter 7 deals entirely with production analysis. The main characteristic throughout the Chapter refers to a standard joint production scenario, analysed from the point of view of MCDM schemes. Chapter 8 focuses on the utility specification problem in the n-arguments space within a risk aversion context. A link between Arrows' risk aversion coefficient and CP utility permits this task.

The book is intended for postgraduate students and researchers in economics with an OR/MS orientation or in OR/MS with an economic orientation. In short, it attempts to fruitfully link economics and MCDM.

Table of contents (8 chapters)

  • Multiple Criteria Decision Making: An Introduction

    Ballestero, Enrique (et al.)

    Pages 1-10

  • Multiobjective Optimisation Methods

    Ballestero, Enrique (et al.)

    Pages 11-30

  • Satisficing MCDM Approaches: Goal Programming

    Ballestero, Enrique (et al.)

    Pages 31-49

  • Multiattribute Utility Approaches

    Ballestero, Enrique (et al.)

    Pages 51-62

  • Miscellaneous Questions

    Ballestero, Enrique (et al.)

    Pages 63-75

Buy this book

eBook $109.00
price for USA in USD (gross)
  • ISBN 978-1-4757-2827-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $149.99
price for USA in USD
  • ISBN 978-0-7923-8238-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $149.99
price for USA in USD
  • ISBN 978-1-4419-5053-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Multiple Criteria Decision Making and its Applications to Economic Problems
Authors
Copyright
1998
Publisher
Springer US
Copyright Holder
Springer Science+Business Media New York
eBook ISBN
978-1-4757-2827-9
DOI
10.1007/978-1-4757-2827-9
Hardcover ISBN
978-0-7923-8238-6
Softcover ISBN
978-1-4419-5053-6
Edition Number
1
Number of Pages
VIII, 160
Number of Illustrations and Tables
1 b/w illustrations
Topics