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
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
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