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Establishing Regret Attitude of a Decision Maker within the MCDM Modeling Framework

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  • I. Kaliszewski
  • W. Michalowski

Abstract

The paper describes the MCDM modeling framework can be extended to account for the notion of regret. The Non-regrettable decisions are generated in accordance with a DM's regret attitude which is established through an analysis of the trade-offs. Decisional validity of a proposed modeling framework is illustrated with a simple example.

Suggested Citation

  • I. Kaliszewski & W. Michalowski, 1998. "Establishing Regret Attitude of a Decision Maker within the MCDM Modeling Framework," Working Papers ir98070, International Institute for Applied Systems Analysis.
    • Handle: RePEc:wop:iasawp:ir98070
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    References listed on IDEAS

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    2. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
    3. Mary Acker, 1997. "Tempered Regrets Under Total Ignorance," Theory and Decision, Springer, vol. 42(3), pages 207-213, May.
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    6. I. Kaliszewski & W. Michalowski, 1997. "Psychological Stability of Solutions in the Multiple Criteria Decision Problems," Working Papers ir97060, International Institute for Applied Systems Analysis.
    7. David E. Bell, 1985. "Disappointment in Decision Making Under Uncertainty," Operations Research, INFORMS, vol. 33(1), pages 1-27, February.
    8. Allais Maurice, 1990. "Cardinal Utility," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 1(2), pages 1-38, June.
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