Extending an outranking multiple criteria decision making method to differentiate gain and loss

Şentürk, Hazel
In this study, the integration of Prospect Theory into ranking and sorting methods based on the dominance relations is studied. The well-known multi-criteria ranking method PROMETHEE and the well-known multi-criteria sorting method FlowSort are extended by using the prospect theory perspective. The proposed methods are used to rank and sort the alternatives in the case where the impact of losses is greater than gains for the same amount. When the results are compared with the PROMETHEE and FlowSort methods, the results show how the rankings and classes of the alternatives change according to the value of loss and gain that are determined by the decision-maker.


A Multiple Criteria Ranking Method Based on Outranking Relations: An Extension for Prospect Theory
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In this study, Prospect Theory is integrated into a well-known multiple criteria ranking method, PROMETHEE. PROMETHEE considers the outranking relations among alternatives based on the preference functions. Prospect Theory evaluates the alternatives with a difference function based on gains and losses. The preference functions of PROMETHEE are modified to capture the choice behavior of the decision maker. The proposed method is a generalization of PROMETHEE that can handle the higher loss impact case as wel...
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Citation Formats
H. Şentürk, “Extending an outranking multiple criteria decision making method to differentiate gain and loss,” M.S. - Master of Science, Middle East Technical University, 2021.