DagSemProc.06501.2.pdf
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Reference Point Approaches and Objective Ranking
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Dagstuhl Seminar Proceedings, Volume 6501
Series: Dagstuhl Seminar Proceedings (DagSemProc) - License:
Creative Commons Attribution 4.0 International license
- Publication Date: 2007-07-27
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Andrzej P. Wierzbicki. Reference Point Approaches and Objective Ranking. In Practical Approaches to Multi-Objective Optimization. Dagstuhl Seminar Proceedings, Volume 6501, pp. 1-20, Schloss Dagstuhl – Leibniz-Zentrum für Informatik (2007)
https://doi.org/10.4230/DagSemProc.06501.2
https://doi.org/10.4230/DagSemProc.06501.2
Abstract
The paper presents a reflection on some of the basic assumptions and philosophy of reference point approaches, stressing their unique concentra-tion on the sovereignty of the subjective decision maker. As a new devel-opment in reference point approaches also the concept of objective ranking is stressed, defined as dependent only on a given set of data, relevant for the decision situation, and independent from any more detailed specifica-tion of personal preferences than that given by defining criteria and the partial order in criterion space. Rational objective ranking can be based on reference point approach, because reference levels needed in this approach can be established objectively statistically from the given data set. Exam-ples show that such objective ranking can be very useful in many man-agement situations.
Keywords
- Multiple criteria optimization and decisions; reference point approaches; objectivity and subjectivity in decision support
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