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Evaluating Multi-criteria Decisions Under Conditions of Strong Uncertainty

In: Multicriteria and Optimization Models for Risk, Reliability, and Maintenance Decision Analysis

Author

Listed:
  • Mats Danielson

    (Stockholm University
    International Institute for Applied Systems Analysis, IIASA)

  • Love Ekenberg

    (Stockholm University
    International Institute for Applied Systems Analysis, IIASA)

  • Aron Larsson

    (Stockholm University
    Mid Sweden University)

Abstract

Decisions under risk and multi-criteria decisions are unfortunately usually studied independently, despite the fact that in actual decision-making problems often contain several criteria, as well as uncertain outcomes. This is unnecessary since the two approaches can quite straightforwardly be used within the same framework. This article describes how it can be done when the decision components are imprecise in terms of intervals and qualitative estimates. We also demonstrate an implementation of the theory on a real-life decision problem.

Suggested Citation

  • Mats Danielson & Love Ekenberg & Aron Larsson, 2022. "Evaluating Multi-criteria Decisions Under Conditions of Strong Uncertainty," International Series in Operations Research & Management Science, in: Adiel Teixeira de Almeida & Love Ekenberg & Philip Scarf & Enrico Zio & Ming J. Zuo (ed.), Multicriteria and Optimization Models for Risk, Reliability, and Maintenance Decision Analysis, pages 41-55, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-89647-8_3
    DOI: 10.1007/978-3-030-89647-8_3
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