Journal
TECHNOLOGICAL AND ECONOMIC DEVELOPMENT OF ECONOMY
Volume 18, Issue 2, Pages 299-316Publisher
VILNIUS GEDIMINAS TECH UNIV
DOI: 10.3846/20294913.2012.680520
Keywords
group decision making; Analytic Hierarchy Process; MCDM; investment management
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Investment strategy selection relies heavily on personal experience and behavior. This paper proposes an improved Analytical Hierarchy Process-group decision making (IAHP-GDM) model to reduce investment risk. This model applies the method of least squares to adjust group decision matrix in order to satisfy the property of positive reciprocal matrix in AHP. In addition, five experts from related fields are invited to evaluate investment risk that takes group wisdom to eliminate personal bias. An empirical study is conducted to compare the proposed model to AHP for group decision making model. The results show that the IAHP-GDM model is not only accurate and effective, but also consistent with realistic investment environment.
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