Name
Title | ||
|---|---|---|
Using multiattribute utility theory to avoid bad outcomes by focusing on the best systems in ranking and selection |
Abstract | ||
|---|---|---|
When making decisions under uncertainty, it seems natural to use constraints on performance to avoid the selection of a particularly bad system. However that intuition has been shown to impair good recommendations as demonstrated by some well-known results in the stochastic optimization literature. Our work on multiattribute ranking and selection procedures demonstrates that Pareto and constraint-based approaches could be used as part of a successful decision process; but a tradeoff-based approach, like multiattribute utility theory, is required to identify the true best system in all but a few special cases. We show that there is no guaranteed strategic equivalence between utility theory and constraint-based approaches when constraints on the means of the performance measures are used in the latter. Hence, a choice must be made as to which is appropriate. In this paper, we extend well-known results in the decision analysis literature to ranking and selection. |
Year | DOI | Venue |
|---|---|---|
2015 | 10.1057/jos.2014.34 | J. Simulation |
Keywords | Field | DocType |
multi-objective, decision analysis, ranking and selection | Decision analysis,Stochastic optimization,Ranking,Simulation,Computer science,Equivalence (measure theory),Decision process,Utility theory,Management science,Pareto principle,Discrete event simulation | Journal |
Volume | Issue | ISSN |
9 | 3 | 1747-7786 |
Citations | PageRank | References |
1 | 0.34 | 19 |
Authors | ||
3 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Jason R. W. Merrick | 1 | 135 | 16.29 |
| Douglas J. Morrice | 2 | 538 | 116.21 |
| John C. Butler | 3 | 179 | 21.20 |