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A New Scheme for Interactive Multi-criteria Decision Making

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Knowledge-Based Intelligent Information and Engineering Systems (KES 2006)

Part of the book series: Lecture Notes in Computer Science ((LNAI,volume 4253))

Abstract

Multi-objective optimization, also known as multi-criteria decision making in the field of operations research, is a common task in many financial engineering problems. Several alternative approaches to multi-objective optimization have been proposed in operations research. Depending on when the so-called decision maker introduces his preferences, three approaches to multi-criteria decision making can be distinguished: a priori decision making, interactive decision making, and finally a posteriori decision making. This paper suggests a new interactive multi-criteria decision making scheme which combines these three approaches in a single multi-objective optimization framework. In contrast to most operations research approaches, the new scheme is based on evolutionary algorithms due to of their flexibility regarding the type of objectives and constraints. This way the new scheme allows de novo programming, which enables the decision maker to refine the problem definition and to reduce the size of the objective space iteratively.

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Author information

Authors and Affiliations

  1. Dept. of Information and Knowledge Engineering, Faculty of Engineering, Tottori University, 101-4, Koyamacho-Minami, Tottori, 680-8552, Japan

    Felix Streichert & Mieko Tanaka-Yamawaki

Authors
  1. Felix Streichert
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  2. Mieko Tanaka-Yamawaki
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Editor information

Editors and Affiliations

  1. School of Design, Engineering and Computing, Bournemouth University, UK

    Bogdan Gabrys

  2. Centre for SMART Systems, School of Environment and Technology, University of Brighton, BN2 4GJ, Brighton, UK

    Robert J. Howlett

  3. School of Electrical and Information Engineering, Knowledge Based Intelligent Engineering Systems Centre, University of South Australia, Mawson Lakes, 5095, SA, Australia

    Lakhmi C. Jain

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© 2006 Springer-Verlag Berlin Heidelberg

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Streichert, F., Tanaka-Yamawaki, M. (2006). A New Scheme for Interactive Multi-criteria Decision Making. In: Gabrys, B., Howlett, R.J., Jain, L.C. (eds) Knowledge-Based Intelligent Information and Engineering Systems. KES 2006. Lecture Notes in Computer Science(), vol 4253. Springer, Berlin, Heidelberg. https://doi.org/10.1007/11893011_83

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  • DOI: https://doi.org/10.1007/11893011_83

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-540-46542-3

  • Online ISBN: 978-3-540-46544-7

  • eBook Packages: Computer ScienceComputer Science (R0)

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