Multi-objective decision making in macro- and micro-economics with application of the MULTIMOORA method Online publication date: Wed, 11-May-2016
by Willem K.M. Brauers; Edmundas Kazimieras Zavadskas; Romualdas Ginevicius
International Journal of Applied Nonlinear Science (IJANS), Vol. 2, No. 1/2, 2015
Abstract: MULTIMOORA, the most effective method to respond to normalisation and importance of different objectives, substitutes by dimensionless measurements the use of weights; avoids the Condorcet-Arrow paradox by starting from a decision matrix instead of comparison two by two and is composed of three methods controlling each other. The ratio system of MOORA goes for a ratio system with each response of an alternative on an objective compared to a positive denominator, representative for all alternatives concerning that objective, ending with a total of objectives to be maximised, the objectives to be minimised subtracted. The reference point approach is the second method in MOORA by applying the ratios found earlier and whereby a maximal objective reference point is chosen. Finally, the MULTIMOORA method adds a third method, the full multiplicative form: all elements per row in the decision matrix are multiplied. Applications in macro and micro economics illustrate the issue.
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