Abstract

A new decision process is proposed to address the challenge that a large number of criteria in the multi-criteria decision making (MCDM) problem and the decision makers with heterogeneous risk preferences. First, from the perspective of objective data, the effective criteria are extracted based on the similarity relations between criterion values and the criteria are weighted, respectively. Second, the corresponding types of theoretic model of risk preferences expectations will be built, based on the possibility and similarity between criterion values to solve the problem for different interval numbers with the same expectation. Then, the risk preferences (Risk-seeking, risk-neutral and risk-aversion) will be embedded in the decision process. Later, the optimal decision object is selected according to the risk preferences of decision makers based on the corresponding theoretic model. Finally, a new algorithm of information aggregation model is proposed based on fairness maximization of decision results for the group decision, considering the coexistence of decision makers with heterogeneous risk preferences. The scientific rationality verification of this new method is given through the analysis of real case.

Department(s)

Electrical and Computer Engineering

Publication Status

Open Access

Comments

National Natural Science Foundation of China, Grant 20140072

Keywords and Phrases

Decision process; Fairness; Group decision; Heterogeneous; Risk preferences

International Standard Serial Number (ISSN)

2214-7160

Document Type

Article - Journal

Document Version

Final Version

File Type

text

Language(s)

English

Rights

© 2025 Elsevier, All rights reserved.

Creative Commons Licensing

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.

Publication Date

01 Jan 2017

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