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A comparative approach of economic sectors in Sinaloa, Mexico, based on multicriteria decision aiding

Author

Listed:
  • Juan Carlos Leyva Lopez

    (Universidad de Occidente)

  • Diego Alonso Gastelum Chavira

    (Universidad de Occidente)

  • Margarita Urias Ruiz

    (Universidad de Occidente)

Abstract

In this paper, a multicriteria approach for ranking the performance of the economic sectors of the Sinaloa economy is proposed, and the most attractive sectors are identified. The approach uses the ELECTRE-III method to construct a valued outranking relation and then a multiobjective evolutionary algorithm to exploit the relation to obtain a recommendation. The retail and manufacturing sectors were ranked first in all the rankings; the utilities sector was ranked second in all the rankings; and the mining sector and the management of companies and enterprises sector were ranked the lowest. The results of this application can be useful for investors, business leaders, and policy-makers. The multicriteria approach utilized in this study is simple; furthermore, it can treat uncertainty well. This study also contributes to an important, yet relatively new, body of economic applicationbased literature that investigates multicriteria approaches to decision making that use fuzzy theory and evolutionary multi-objective optimization methods.

Suggested Citation

  • Juan Carlos Leyva Lopez & Diego Alonso Gastelum Chavira & Margarita Urias Ruiz, 2016. "A comparative approach of economic sectors in Sinaloa, Mexico, based on multicriteria decision aiding," EconoQuantum, Revista de Economia y Finanzas, Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia., vol. 13(1), pages 97-124, Enero-Jun.
    • Handle: RePEc:qua:journl:v:13:y:2016:i:1:p:97-124
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    References listed on IDEAS

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    More about this item

    Keywords

    Multicriteria decision analysis; Economic sectors; Multiobjective evolutionary algorithms.;
    All these keywords.

    JEL classification:

    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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