A parallel between regret theory and outranking methods for multicriteria decision making under imprecise information

Gül Özerol, Esra Karasakal*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

14 Citations (Scopus)

Abstract

Incorporation of the behavioral issues of the decision maker (DM) is among the aspects that each Multicriteria Decision Making (MCDM) method implicitly or explicitly takes into account. As postulated by regret theory, the feelings of regret and rejoice are among the behavioral issues associated with the entire decision making process. Within the context of MCDM, the DM may feel regret, when the chosen alternative is compared with another one having at least one better criterion value. PROMETHEE II is a widely known MCDM method that makes no explicit incorporation of regret attitude of the DM. In this paper, we elaborate on the applicability of regret theory to MCDM context. In particular, we investigate the findings of regret theory and explore the parallel between regret theory and PROMETHEE II method. Relying on the concepts of regret theory, we demonstrate how a decision that is made using a PROMETHEE II based outranking method conforms to the regret attitude of the DM.

Original languageEnglish
Pages (from-to)45-70
Number of pages26
JournalTheory and decision
Volume65
Issue number1
Early online date8 Sep 2007
DOIs
Publication statusPublished - Aug 2008
Externally publishedYes

Fingerprint

Decision Making
Emotions
Decision making
decision maker
decision making
decision making process
Imprecise information
Multicriteria decision-making
Regret theory
Decision maker
Values

Keywords

  • UT-Hybrid-D
  • Outranking relation
  • PROMETHEE
  • Regret
  • Rejoice
  • Multiple criteria decision making

Cite this

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A parallel between regret theory and outranking methods for multicriteria decision making under imprecise information. / Özerol, Gül; Karasakal, Esra.

In: Theory and decision, Vol. 65, No. 1, 08.2008, p. 45-70.

Research output: Contribution to journalArticleAcademicpeer-review

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AU - Karasakal, Esra

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AB - Incorporation of the behavioral issues of the decision maker (DM) is among the aspects that each Multicriteria Decision Making (MCDM) method implicitly or explicitly takes into account. As postulated by regret theory, the feelings of regret and rejoice are among the behavioral issues associated with the entire decision making process. Within the context of MCDM, the DM may feel regret, when the chosen alternative is compared with another one having at least one better criterion value. PROMETHEE II is a widely known MCDM method that makes no explicit incorporation of regret attitude of the DM. In this paper, we elaborate on the applicability of regret theory to MCDM context. In particular, we investigate the findings of regret theory and explore the parallel between regret theory and PROMETHEE II method. Relying on the concepts of regret theory, we demonstrate how a decision that is made using a PROMETHEE II based outranking method conforms to the regret attitude of the DM.

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