Multiple criteria decision making (MCDM) methods in economics: an overview

By Edmundas Kazimieras Zavadskas, Zenonas Turskis. 2011

830 citations recorded by the source corpus.

Abstract The main research activities in economics during the last five years have significantly increased. The main research fields are operation research and sustainable development. The philosophy of decision making in economics is to assess and select the most preferable solution, implement it and to gain the biggest profit. Preferences are used in a lot of problem situations both in individual and organizational decision making processes. A number of effective decision making methods that support decisions under conditions of multiple criteria have appeared in the last decade. This paper presents a panorama of decision making methods in economics and summarizes the most important results and applications over the last five years. This paper considers decision making in light of the recent developments of multiple criteria decision making methods (because classical methods are overviewed in a lot of earlier publications). Authors of different approaches, pioneering studies and works are presented in s...

Subfields: Control and Systems Engineering, Economics and Econometrics, Management Science and Operations Research

View Paper: https://www.semanticscholar.org/paper/64495ffd8c0b919befe4ed557a6209e83a21b0d7

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In Control and Systems Engineering

In Economics and Econometrics

In Management Science and Operations Research

Citations in the corpus

ELECTRE: A comprehensive literature review on methodologies and applications (2016, methodology): “Some issues discussed are whether or not there is a difference in the users’ perception of appropriateness or ease of use of a given method or the users’ expectation MCDA for sustainability assessment of urban water systems Water Review Lendaris (1980) Tools for structural modeling – Survey Lootsma ”
A systematic review and meta-Analysis of SWARA and WASPAS methods: Theory and applications with recent fuzzy developments (2017, methodology): “(FMCDM) [59]; TOPSIS [60] and [61], soft computing technology and MCDM [62], [63] and [64], MCDA analysis [65].”
Fuzzy multiple criteria decision-making techniques and applications - Two decades review from 1994 to 2014 (2015, methodology): “…previous studies, MCDM and fuzzy MCDM have been classified into various fields and approaches (A. Baležentis, Valkauskas, & Baležentis, 2010; S.-J. J. Chen, Hwang, Beckmann, & Krelle, 1992; Liou, 2013; Liou & Tzeng, 2012; A. İ. Ölçer & A. Y. Odabaşi, 2005; Ribeiro, 1996; Zavadskas & Turskis, 2011).”
State of art surveys of overviews on MCDM/MADM methods (2014, background): “Zavadskas and Turskis (2011) published a review of MCDM methods.”
TOPSIS Method Based on Correlation Coefficient under Pythagorean Fuzzy Soft Environment and Its Application towards Green Supply Chain Management (2021, background): “Several researchers have shown that the MCDA approach can efficiently resolve complex multistandard issues [15,16].”
A review of multi-criteria decision-making applications to solve energy management problems: Two decades from 1995 to 2015 (2017, background): “Some previous papers reviewed the role MCDM techniques in several areas such as service quality [8], transportation [9], economy [10], TOPSIS [11], renewable and sustainable energy [12], fuzzy MCDM [13], classical MCDM [14], quality management [15], VIKOR [16], tourism and hospitality industry [17],”
Comparative analysis of MCDM methods for the assessment of sustainable housing affordability (2016, methodology): “A major criticism of MCDM is the reality that different methods can yield different results when applied to the same problem [36].”
Are MCDA Methods Benchmarkable? A Comparative Study of TOPSIS, VIKOR, COPRAS, and PROMETHEE II Methods (2020, background): “In conclusion, it can be concluded that multi-criteria models should take into account elements that can be described as a multi-criteria paradigm: The existence of multiple criteria, the existence of conflicts between criteria, and the complex, subjective, and poorly structured nature of the decisi”