Lecture Notes in Economics and Mathematical Systems

Sensitivity Analysis in Multi-objective Decision Making

Authors: Rios Insua, David

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The axiomatic foundations of the Bayesian approach to decision making assurne precision in the decision maker's judgements. In practicc, dccision makers often provide only partial and/or doubtful information. We unify and expand results to deal with those cases introducing a general framework for sensitivity analysis in multi-objective decision making. We study first decision making problems under partial information. We provide axioms leading to modelling preferences by families of value functions, in problems under certainty, and moJelling beliefs by families of probability distributions and preferences by familics of utility functions, in problems under uncertainty. Both problems are treated in parallel with the same parametric model. Alternatives are ordered in a Pareto sense, the solution of the problem being the set of non­ dominated alternatives. Potentially optimal solutions also seem acceptable, from an intuitive point of view and due to their relation with the nondominated ones. Algorithms are provided to compute these solutions in general problems and in cases typical in practice: linear and bilinear problems. Other solution concepts are criticised on the grounds of being ad hoc. In summary, we have a more ro­ bust theory of decision making based on a weaker set ofaxioms, but embodying coherence, since it essentially implies carrying out a family of coherent dccision anitlyses.

Table of contents (5 chapters)

Table of contents (5 chapters)

Buy this book

eBook $84.99
price for USA in USD (gross)
  • ISBN 978-3-642-51656-6
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $109.99
price for USA in USD
  • ISBN 978-3-540-52692-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Sensitivity Analysis in Multi-objective Decision Making
Authors
Series Title
Lecture Notes in Economics and Mathematical Systems
Series Volume
347
Copyright
1990
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-642-51656-6
DOI
10.1007/978-3-642-51656-6
Softcover ISBN
978-3-540-52692-6
Series ISSN
0075-8442
Edition Number
1
Number of Pages
XI, 193
Topics