Multi-Criteria Decisions

A special issue of Axioms (ISSN 2075-1680). This special issue belongs to the section "Logic".

Deadline for manuscript submissions: closed (30 November 2018)

Special Issue Editor


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Guest Editor
Department of Mathematics and Computing, Mount Royal University, 4825 Mount Royal Gate SW, Calgary, AB T3E 6K6, Canada
Interests: evaluation systems; multi-criteria decision analysis, organizational computing and impacts; medical Informatics; technology adoption and innovation
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Special Issue Information

Dear Colleagues,

We are glad to introduce this Special Issue of Axioms, which focuses on multi-criteria decisions. In the past, multi-criteria decision analysis (MCDA) was housed in the operations research silo; however, over the years, it has been realized that multi-criteria decisions permeate almost every sphere of human endeavour—business, computing, engineering, medicine, law, etc. Multi-criteria decision analyses have considerably expanded beyond the classical and formal methodologies, and have also involved intuitive and informal processes.  There is a need to have a multi-disciplinary platform for sharing and extending knowledge on multi-criteria decisions.

This Special Issue focuses on the science and art of multi-criteria decisions, especially in multi-disciplinary settings. We expect to publish high quality papers in the categories of discovery, integration, application, and teaching of multi-criteria decisions. The impact of such articles will be far reaching, especially in a fast-paced world that is constantly dealing with decisions involving analysis of (mostly conflicting) multiple variables. As noted by Miller (1956), the human mind can effectively manage a combination of 7 ± 2 pieces of information consecutively; beyond this level, the decision process experiences some apparent decay, which could impact on the outcome.

Prof. Dr. Faith-Michael E Uzoka
Guest Editor

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Keywords

  • MCDA theories

  • MCDA methodologies

  • Applications of MCDA

  • Multi-criteria design issues

  • Intuitiveness in MCDA

  • Multi-goal decisions

  • Fuzziness in multi-criteria decisions

  • Tools for multi-criteria decisions

  • Soft-computing techniques for MCDA

  • Axioms of MCDA

  • Decision making paradox

  • Issues in teaching of MCDA

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Published Papers (2 papers)

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Research

17 pages, 1311 KiB  
Article
Incentive Compatible Decision Making: Real Options with Adverse Incentives
by Carlton-James U. Osakwe
Axioms 2018, 7(1), 9; https://doi.org/10.3390/axioms7010009 - 7 Feb 2018
Cited by 2 | Viewed by 3923
Abstract
In this paper, we examine the real options approach to capital budgeting decision making in the presence of managerial adverse incentives. We show that real options have the potential to be value enhancing or value destroying depending on the managerial incentives that may [...] Read more.
In this paper, we examine the real options approach to capital budgeting decision making in the presence of managerial adverse incentives. We show that real options have the potential to be value enhancing or value destroying depending on the managerial incentives that may result from having objectives different from firm value maximization. We further examine the possibility of using a generic residual income based rule of managerial compensation to induce the proper investment incentives and we seek to determine the cost-of-capital that must be employed in such a rule. Using numerical examples it is demonstrated that in general, a range of incentive compatible costs-of-capital exists across all managerial investment horizons but not across all managerial hurdle rates. Full article
(This article belongs to the Special Issue Multi-Criteria Decisions)
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514 KiB  
Article
A Fuzzy Trade-Off Ranking Method for Multi-Criteria Decision-Making
by Nor Izzati Jaini and Sergey V. Utyuzhnikov
Axioms 2018, 7(1), 1; https://doi.org/10.3390/axioms7010001 - 26 Dec 2017
Cited by 14 | Viewed by 4948
Abstract
The aim of this paper is to present a trade-off ranking method in a fuzzy multi-criteria decision-making environment. The triangular fuzzy numbers are used to represent the imprecise numerical quantities in the criteria values of each alternative and the weight of each criterion. [...] Read more.
The aim of this paper is to present a trade-off ranking method in a fuzzy multi-criteria decision-making environment. The triangular fuzzy numbers are used to represent the imprecise numerical quantities in the criteria values of each alternative and the weight of each criterion. A fuzzy trade-off ranking method is developed to rank alternatives in the fuzzy multi-criteria decision-making problem with conflicting criteria. The trade-off ranking method tackles this type of multi-criteria problems by giving the least compromise solution as the best option. The proposed method for the fuzzy decision-making problems is compared against two other fuzzy decision-making approaches, fuzzy Technique for Order Preference by Similarity to the Ideal Solution (TOPSIS) and fuzzy VlseKriterijuska Optimizacija I Komoromisno Resenje (VIKOR), used for ranking alternatives. Full article
(This article belongs to the Special Issue Multi-Criteria Decisions)
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