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A parallel between regret theory and outranking methods for multicriteria decision making under imprecise information
Date
2008-08-01
Author
Ozerol, Gul
Karasakal, Esra
Metadata
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This work is licensed under a
Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License
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Incorporation of the behavioral issues of the decision maker (DM) is among the aspects that each Multicriteria Decision Making (MCDM) method implicitly or explicitly takes into account. As postulated by regret theory, the feelings of regret and rejoice are among the behavioral issues associated with the entire decision making process. Within the context of MCDM, the DM may feel regret, when the chosen alternative is compared with another one having at least one better criterion value. PROMETHEE II is a widely known MCDM method that makes no explicit incorporation of regret attitude of the DM. In this paper, we elaborate on the applicability of regret theory to MCDM context. In particular, we investigate the findings of regret theory and explore the parallel between regret theory and PROMETHEE II method. Relying on the concepts of regret theory, we demonstrate how a decision that is made using a PROMETHEE II based outranking method conforms to the regret attitude of the DM.
Subject Keywords
Applied Psychology
,
Arts and Humanities (miscellaneous)
,
General Economics, Econometrics and Finance
,
General Decision Sciences
,
General Social Sciences
,
Developmental and Educational Psychology
,
Computer Science Applications
URI
https://hdl.handle.net/11511/47242
Journal
THEORY AND DECISION
DOI
https://doi.org/10.1007/s11238-007-9074-y
Collections
Department of Industrial Engineering, Article