Monte Carlo simulation techniques in a decision support system for group decision-making

Jiménez Martín, Antonio and Mateos Caballero, Alfonso and Ríos Insua, Sixto (2005). Monte Carlo simulation techniques in a decision support system for group decision-making. "Group Decision And Negotiation", v. 14 (n. 2); pp. 109-130. ISSN 0926-2644. https://doi.org/10.1007/s10726-005-2406-9.

Description

Title: Monte Carlo simulation techniques in a decision support system for group decision-making
Author/s:
  • Jiménez Martín, Antonio
  • Mateos Caballero, Alfonso
  • Ríos Insua, Sixto
Item Type: Article
Título de Revista/Publicación: Group Decision And Negotiation
Date: 2005
ISSN: 0926-2644
Volume: 14
Subjects:
Freetext Keywords: Decision support system; Additive multi-attribute utility model; Group decision-making; Preference quantification; Monte Carlo simulation techniques
Faculty: Facultad de Informática (UPM)
Department: Inteligencia Artificial
Creative Commons Licenses: Recognition - No derivative works - Non commercial

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Abstract

This paper describes a group decision support system based on an additive multi-attribute utility model for identifying a consensus strategy in group decision-making problems where several decision-makers or groups of decision-makers elicit their own preferences separately. On the one hand, the system provides procedures to quantify the DM’s or group of DMs’ preferences separately. This involves assessing the DM’s or group of DMs’ component utilities that represent their preferences regarding the respective possible attribute values and objective weights that represent the relative importance of the criteria. On the other hand, we propose Monte Carlo simulation techniques for identifying a consensus strategy. An iterative process will be carried out, where, after the simulations have been performed, the imprecise component utilities and weights corresponding to the different DMs or groups of DMs are tightened to output more meaningful information in the next simulations to achieve a consensus strategy. Finally, an application to the evaluation of remedial strategies for restoring contaminated aquatic ecosystems illustrates the usefulness and flexibility of this decision support tool.

More information

Item ID: 53580
DC Identifier: http://oa.upm.es/53580/
OAI Identifier: oai:oa.upm.es:53580
DOI: 10.1007/s10726-005-2406-9
Official URL: https://link.springer.com/content/pdf/10.1007%2Fs10726-005-2406-9.pdf
Deposited by: Memoria Investigacion
Deposited on: 28 Jun 2019 07:35
Last Modified: 28 Jun 2019 07:35
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