Journal
OMEGA-INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE
Volume 37, Issue 2, Pages 312-330Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.omega.2007.02.001
Keywords
multicriteria; risk; decision process; simulation
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A simulation study examines the impact of a simplification strategy that replaces distributional attribute evaluations with their expected values and uses those expectations in an additive value model. Several alternate simplified Forms and approximation approaches are investigated, with results showing that in general the simplified models are able to provide acceptable performance that is fairly robust to a variety of internal and external environmental changes, including, changes to the distributional forms of the attribute evaluations, errors in the assessment of the expected values. and problem size. Certain of the simplified models are shown to he highly sensitive to the torin of the underlying preference functions. and in particular to extreme non-linearity in these preferences. (c) 2007 Elsevier Ltd. All rights reserved.
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