Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/239347 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 13 [Issue:] 11 [Publisher:] MDPI [Place:] Basel [Year:] 2020 [Pages:] 1-14
Publisher: 
MDPI, Basel
Abstract: 
The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used in many domains and the literature offers diverse extensions of this procedure. On the other hand, so far, some evident analogies between M-DM under certainty and scenario-based one-criterion decision making under uncertainty (1-DMU) have not been revealed in the literature. These similarities give the possibility to adjust the goal programming to an entirely new domain. The purpose of the paper is to create a novel method for uncertain problems on the basis of the GP ideas. In order to achieve this aim we carefully examine the analogies occurring between the structures of both issues (M-DM and 1-DMU). We also analyze some differences resulting from a different interpretation of the data. By analogy to the goal programming, four hybrids for 1-DMU are formulated. They differ from each other in terms of the type of the decision maker considered (pessimist, optimist, moderate). The new decision rule may be helpful when solving uncertain problems since it is especially designed for neutral criteria, which are not taken into account in existing procedures developed for 1-DMU.
Subjects: 
decision maker's nature
goal programming
multi-criteria decision making under certainty
neutral criteria
one-criterion decision making under uncertainty
scenario planning
JEL: 
C02
C25
C44
C53
C61
D81
D83
D84
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size
301.44 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.