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Title
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Multi-objective decision making in macro- and micro-economics with application of the MULTIMOORA method
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Author
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Abstract
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| MULTIMOORA, the most effective method to respond to normalisation and importance of different objectives, substitutes by dimensionless measurements the use of weights; avoids the Condorcet-Arrow paradox by starting from a decision matrix instead of comparison two by two and is composed of three methods controlling each other. The ratio system of MOORA goes for a ratio system with each response of an alternative on an objective compared to a positive denominator, representative for all alternatives concerning that objective, ending with a total of objectives to be maximised, the objectives to be minimised subtracted. The reference point approach is the second method in MOORA by applying the ratios found earlier and whereby a maximal objective reference point is chosen. Finally, the MULTIMOORA method adds a third method, the full multiplicative form: all elements per row in the decision matrix are multiplied. Applications in macro and micro economics illustrate the issue. |
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Language
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English
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Source (journal)
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International journal of applied nonlinear science
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Publication
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2015
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DOI
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10.1504/IJANS.2015.076524
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Volume/pages
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2
:1-2
(2015)
, p. 75-99
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ISI
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000376040800006
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Full text (Publisher's DOI)
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Full text (publisher's version - intranet only)
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