A formulation of DM's risk attitude in ELECTRE III

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Title:	A formulation of DM's risk attitude in ELECTRE III
Authors:	Shih, Hsu-Shih;Wu, Wen-Pu
Keywords:	ELECTRE III;Utility function;Concordance;Discordance;Sensitivity analysis
Date:	2015-03-26
Issue Date:	2016-08-18 13:33:52 (UTC+8)
Abstract:	This study aims to formulate a decision maker’s (DM’s) risk attitude to modify ELECTRE (ELimination Et Choix Traduisant la REalité, or ELimination and Choice Expressing REality) III model. We apply both the traditional and modified models to evaluate WEEE (Waste Electrical and Electronic Equipment) recycling plants in Taiwan for the purpose of improving their operation quality in the future. The results show that both models are stable and suitable for the applications of environment evaluation. The evaluation criteria include environmental, managerial, social, financial, and technological aspects on 15 recycling plants. Taiwan’s Environmental Protection Administration (EPA) looks to provide higher differentiated subsidies as a bonus to those plants with better performances and offers some directives to the underachieving plants for further improvement. We employ concave and convex utility functions to modify the concordance and discordance indices in order to represent the DM’s risk attitude, mimicking the gain and the loss in the DM’s mind. We also execute sensitivity analyses on different weights and thresholds so as to demonstrate the stability of our proposed model.
Relation:	81st Meeting of the European Working Group-Multiple Criteria Decision Aiding (MCDA81)
Appears in Collections:	[Department of Management Sciences] Proceeding

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