Title: Decision making in the European Union under risk and uncertainty

Authors: José M. Merigó; Clemente Lobato-Carral; Agustín Carrilero-Castillo

Addresses: Department of Business Administration, University of Barcelona, Av. Diagonal 690, 08034 Barcelona, Spain. ' Department of Business Administration, Universitat Politècnica Valencia, Camino Vera s/n, 46022 Valencia, Spain. ' Department of Business Administration, Universitat Politècnica Valencia, Camino Vera s/n, 46022 Valencia, Spain

Abstract: We study the use of aggregation operators in decision making at a European level. We introduce the induced probabilistic ordered weighted averaging - weighted averaging operator. It is a new aggregation operator that provides a unified framework between the probability, the weighted average and the ordered weighted averaging operator considering the degree of importance that each concept has in the aggregation. Moreover, this approach is able to deal with complex reordering processes by using order-inducing variables in order to assess complex attitudinal characters of the decision maker. We study some of its main properties and particular cases. We develop an application of the new approach in a European Union group decision making problem regarding the selection of the optimal inflation rate in the convergence criteria to be accomplished by the Members of the European Union.

Keywords: European Union; aggregation operators; OWA operators; group decision making; probability; weighted average; EU decision making; ordered weighted averaging; optimal inflation rate; convergence criteria.

DOI: 10.1504/EJIM.2012.049643

European Journal of International Management, 2012 Vol.6 No.5, pp.590 - 609

Published online: 22 Nov 2014 *

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