Representing incomplete preference information by probability distributions

Authors:
Risto Lahdelma;Pekka Salminen
Affiliations:
University of Turku, Department of Information Technology, Turku, Finland;University of Jyväskylä, School of Business and Economics, Finland
Venue:
AIAP'07 Proceedings of the 25th conference on Proceedings of the 25th IASTED International Multi-Conference: artificial intelligence and applications
Year:
2007

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Abstract

Preference information in real-life multi-criteria decision-aiding (MCDA) problems is always more or less inaccurate, imprecise or uncertain. Sometimes preference information can be missing. We discuss methods for representing different kinds of incomplete preference information through probability distributions for preference parameters and show how to treat this information in MCDA methods through simulation techniques. The techniques are suitable for different kinds of decision models, such as utility/value function models, prospect theory, reference point methods, and outranking methods.