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Supported by the National Nature Science Foundation of China (71371196); the Humanities and Social Science Research Planning Foundation Projects of Ministry of Education of China (11YJA630031) & the Philosophy and Social Science Foundation Projects of Hunan Province (11YBB380)

J Hu, P Chen, L Yang
2014 Management Science and Engineering   unpublished

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A method based on prospect theory and conjoint analysis is proposed for dynamic stochastic multi-criteria decision making problems, in which the information about criteria weight is unknown and criteria values follow some kinds of distributions. Decision-maker's attitude towards risk is introduced into this paper. First, data is collected by investigation and criteria weights are derived by conjoint analysis. The prospect values of each alternative in different periods are calculated according
more » ... o distribution function. Then, index distribution decides time sequence weight, and overall prospect values of each alternative are obtained and ranked by aggregating prospect values in different periods. Finally, an example of choosing the best product illustrates the feasibility and effectiveness of this method.
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J Hu, P Chen, L Yang. "Supported by the National Nature Science Foundation of China (71371196); the Humanities and Social Science Research Planning Foundation Projects of Ministry of Education of China (11YJA630031) & the Philosophy and Social Science Foundation Projects of Hunan Province (11YBB380)." Management Science and Engineering (2014)