Comments on “Multiple criteria decision making (MCDM) methods in economics: an overview”

Abstract

This paper offers comments on a previously published paper, titled “Multiple criteria decision making (MCDM) methods in economics: an overview,” by Zavadskas and Turskis (2011). The paper's authors made great efforts to summarize MCDM methods but may have failed to consider several important new concepts and trends in the MCDM field for solving actual problems. First, the traditional model assumes the criteria are independently and hierarchically structured; however, in reality, problems are often characterized by interdependent criteria and dimensions and may even exhibit feedback-like effects. Second, relatively good solutions from the existing alternatives are replaced by aspiration levels to fit today's competitive markets. Third, the emphasis in the field has shifted from ranking and selection when determining the most preferable approaches to performance improvement of existing methods. Fourth, information fusion techniques, including the fuzzy integral method, have been developed to aggregate the performances. Finally, the original fixed resources in multi-objective programming are divided such that both decision and objective spaces are changeable. In this paper, we add new concepts and provide comments that could be thought of as an attempt to complete the original paper.

Keywords:

• MCDM (Multiple Criteria Decision Making)
• Interdependence
• Information fusion
• Non-additive
• Changeable space
• Economics

JEL Classification:

• C00
• C02
• C18
• C54
• C60
• C61
• D70
• D78
• O20

View correction statement:

ERRATUM