J 2022

On the Monte Carlo weights in multiple criteria decision analysis

MAZUREK, Jiří and Dominik STRZALKA

Basic information

Original name

On the Monte Carlo weights in multiple criteria decision analysis

Authors

MAZUREK, Jiří (203 Czech Republic, guarantor, belonging to the institution) and Dominik STRZALKA (616 Poland)

Edition

PLOS ONE, 2022, 1932-6203

Other information

Language

English

Type of outcome

Článek v odborném periodiku

Field of Study

10201 Computer sciences, information science, bioinformatics

Country of publisher

United States of America

Confidentiality degree

není předmětem státního či obchodního tajemství

References:

RIV identification code

RIV/47813059:19520/22:A0000290

Organization unit

School of Business Administration in Karvina

UT WoS

000911414400001

Keywords in English

Monte Carlo simulations; weights; multiple criteria decision making

Tags

International impact, Reviewed

Links

GA21-03085S, research and development project.
Změněno: 11/4/2023 11:18, Miroslava Snopková

Abstract

V originále

In multiple-criteria decision making/aiding/analysis (MCDM/MCDA) weights of criteria constitute a crucial input for finding an optimal solution (alternative). A large number of methods were proposed for criteria weights derivation including direct ranking, point allocation, pairwise comparisons, entropy method, standard deviation method, and so on. However, the problem of correct criteria weights setting persists, especially when the number of criteria is relatively high. The aim of this paper is to approach the problem of determining criteria weights from a different perspective: we examine what weights’ values have to be for a given alternative to be ranked the best. We consider a space of all feasible weights from which a large number of weights in the form of n−tuples is drawn randomly via Monte Carlo method. Then, we use predefined dominance relations for comparison and ranking of alternatives, which are based on the set of generated cases. Further on, we provide the estimates for a sample size so the results could be considered robust enough. At last, but not least, we introduce the concept of central weights and the measure of its robustness (stability) as well as the concept of alternatives’ multi-dominance, and show their application to a real-world problem of the selection of the best wind turbine.