Are incomplete and self-confident preference relations better in multicriteria decision making? A simulation-based investigation
Incomplete preference relations and self-confident preference relations have been widely used in multicriteria decision-making problems. However, there is no strong evidence, in the current literature, to validate their use in decision-making. This paper reports on the design of two bounded rationality principle based simulation methods, and detailed experimental results, that aim at providing evidence to answer the following two questions: (1) what are the conditions under which incomplete preference relations are better than complete preference relations?; and (2) can self-confident preference relations improve the quality of decisions? The experimental results show that when the decision-maker is of medium rational degree, incomplete preference relations with a degree of incompleteness between 20% and 40% outperform complete preference relations; otherwise, the opposite happens. Furthermore, in most cases the quality of the decision making improves when using self-confident preference relations instead of incomplete preference relations. The paper ends with the presentation of a sensitivity analysis that contributes to the robustness of the experimental conclusions.
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Citation : Dong, Y., Liu, W., Chiclana, F. Kou, G., Herrera-Viedma, E. (2019) Are incomplete and self-confident preference relations better in multicriteria decision making? A simulation-based investigation. Information Sciences, 492, pp.40-57
ISSN : 0020‐0255
Research Institute : Institute of Artificial Intelligence (IAI)
Peer Reviewed : Yes