Intentional Bounded Rationality Methodology to Assess the Quality of Decision-making Approaches with Latent Alternative Performances

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dc.cclicenceCC BYen
dc.contributor.authorSaenz-Royo, Carlos
dc.contributor.authorChiclana, Francisco
dc.contributor.authorHerrera-Viedma, Enrique
dc.date.acceptance2022-08-19
dc.date.accessioned2022-12-13T16:41:54Z
dc.date.available2022-12-13T16:41:54Z
dc.date.issued2022-08-20
dc.descriptionopen access articleen
dc.description.abstractExpert's judgments have been crucial in the development of decision theory; however, what criterion to use in the selection of experts remains an issue to address. Decision support techniques proposed to improve the quality of expert judgment decision making consider a demonstrated inconsistency of the judgments expressed by an expert as a criterion of exclusion in the decision-making process of such expert. Although consistency appears to be a desirable condition to qualify as “expert”, little is known about the quality of the decisions made imposing consistency as the expert qualifying condition. This paper proposes a simulation methodology, based on an automaton programmed to make decisions in an intended but bounded rational way, to assess the cost-benefit of different aspects of decision support techniques. Within this methodology, the imposition of the consistency condition in the selection of experts is studied. In particular, the paper shows with a case study example that the Analytical hierarchy process (AHP) decision support technique expected payoff is at most 5% higher when implementing Saaty's consistency criterion of the expert's judgments than when the consistency criterion is not considered.en
dc.funderNo external funderen
dc.identifier.citationSaenz-Royo, C., Chiclana, F. and Herrera-Viedma, E. (2023) Intentional Bounded Rationality Methodology to Assess the Quality of Decision-making Approaches with Latent Alternative Performances. Information Fusion, 89, pp. 254-266en
dc.identifier.doihttps://doi.org/10.1016/j.inffus.2022.08.019
dc.identifier.urihttps://hdl.handle.net/2086/22370
dc.language.isoenen
dc.peerreviewedYesen
dc.publisherElsevieren
dc.researchinstituteInstitute of Artificial Intelligence (IAI)en
dc.subjectAnalysis of decision support techniquesen
dc.subjectInconsistencyen
dc.subjectErroren
dc.subjectIntentional bounded rationality methodologyen
dc.titleIntentional Bounded Rationality Methodology to Assess the Quality of Decision-making Approaches with Latent Alternative Performancesen
dc.typeArticleen

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