Title
The economy of the Belgian regions tested with MULTIMOORAThe economy of the Belgian regions tested with MULTIMOORA
Author
Faculty/Department
Institute of Development Policy and Management
Research group
Faculty of Applied Economics - other
Publication type
article
Publication
Subject
Economics
Source (journal)
Journal of business, economics and management
Volume/pages
11(2010):2, p. 173-209
ISSN
2029-4433
ISI
000280069900001
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
The definition of robustness in econometrics, the error term in a linear equation, was not only broadened, but in addition moved to the meaning of common language: from a cardinal to a qualitative one. At that moment the most robust Multi-Objective Optimization Method has to fulfill seven essential conditions. In addition, considering all stakeholders involved, the choice of the objectives is non-subjective with the assistance of the Ameliorated Nominal Group Technique and the Delphi method. Outside Normalization is not necessary by the use of a Full Multiplicative Form or of MOORA (Multi-Objective Optimization by Ratio Analysis). This last one is composed of ratio analysis senso stricto and of the Reference Point Method with the previously obtained ratios as a starting point. Combining the three methods in MULTIMOORA a full guarantee for robustness in Multiple Objectives Optimization is offered. This interpretation is tested by an application to the Economy of the Belgian Regions.
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