Description

This paper proposes a new multiple criteria decision-making method called
ERVD (election based on relative value distances). The s-shape value function is adopted
to replace the expected utility function to describe the risk-averse and risk-seeking
behavior of decision makers. Comparisons and experiments contrasting with the TOPSIS
(Technique for Order Preference by Similarity to the Ideal Solution) method are carried out
to verify the feasibility of using the proposed method to represent the decision makers’
preference in the decision making process. Our experimental results show that the
proposed approach is an appropriate and effective MCDM method.

Citation

Shyur, Huan-Jyh, et al. "A multiple criteria decision making method based on relative value distances." Foundations of Computing and Decision Sciences 40.4 (2015): 299-315.