Title
Multi-objective decision making in macro- and micro-economics with application of the MULTIMOORA methodMulti-objective decision making in macro- and micro-economics with application of the MULTIMOORA method
Author
Faculty/Department
Faculty of Applied Economics
Research group
Accountancy and Finance
Publication type
article
Publication
Subject
Economics
Mathematics
Source (journal)
International journal of applied nonlinear science
Volume/pages
2(2015):1-2, p. 75-99
ISSN
1752-2862
ISI
000376040800006
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
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.
E-info
https://repository.uantwerpen.be/docman/iruaauth/16023f/133865.pdf
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Handle