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ABSTRACTProspect theory by Kahneman and Tversky [7] is tested in a deterministic multiple criteria decision‐making context. In two experiments conducted in classroom settings subjects made pairwise preference comparisons of condominiums for sale. The results of the experiments indicate that the traditional value model did not explain the subjects' revealed preferences as well as the prospect model. We conclude that prospect theory is a reasonable model of choice for many individuals in such a context.

ABSTRACTA preference‐order recursion algorithm for obtaining a relevant subset of pure, admissible (non‐dominated, efficient) decision functions which converges towards an optimal solution in statistical decision problems is proposed. The procedure permits a decision maker to interactively express strong binary preferences for partial decision functions at each stage of the recursion, from which an imprecise probability and/or utility function is imputed and used as one of several pruning mechanisms to obtain a reduced relevant subset of admissible decision functions or to converge on an optimal one. The computational and measurement burden is thereby mitigated significantly, for example, by not requiring explicit or full probability and utility information from the decision maker. The algorithm is applicable to both linear and nonlinear utility functions. The results of behavioral and computational experimentation show that the approach is viable, efficient, and robust.

ABSTRACTThis historical note is based on a plenary talk 'A History of Early Developments in Multiple Criteria Decision Making', presented by Stanley Zionts at the 21st International Conference on Multiple Criteria Decision Making held in Jyväskylä, Finland, June 2011. It draws heavily on our book, Multiple Criteria Decision Making: From Early History to the 21st Century, published by World Scientific, Singapore, 2011. Copyright © 2013 John Wiley & Sons, Ltd.

AbstractIn this article we propose a formal man‐machine interactive approach to multiple criteria optimization with multiple decision makers. The approach is based on some of our earlier research findings in multiple criteria decision making. A discrete decision space is assumed. The same framework may readily be used for multiple criteria mathematical programming problems. To test the approach two experiments were conducted using undergraduate Business School students as subjects in Finland and in the United States. The context was, respectively, a high‐level Finnish labor‐management problem and the management‐union collective bargaining game developed at the Krannert Graduate School of Management, Purdue University. The results of the experiments indicate that our approach is a potentially useful decision aid for group decision‐making and bargaining problems.

ABSTRACTWe investigate the impact of the number of human–computer interactions, different interaction patterns, and human inconsistencies in decision maker responses on the convergence of an interactive, evolutionary multiobjective algorithm recently developed by the authors. In our context "an interaction" means choosing the best and worst solutions among a sample of six solutions. By interaction patterns we refer to whether preference questioning is more front‐, center‐, rear‐, or edge‐loaded. As test problems we use two‐ to four‐objective knapsack problems, multicriteria scheduling problems, and multiobjective facility location problems. In the tests, two different preference functions are used to represent actual decision maker preferences, linear and Chebyshev. The results indicate that it is possible to obtain solutions that are very good or even nearly optimal with a reasonable number of interactions. The results also indicate that the algorithm is robust to minor inconsistencies in decision maker responses. There is also surprising robustness toward different patterns of interaction with the decision maker. The results are of interest to the evolutionary multiobjective (EMO) community actively developing hybrid interactive EMO approaches.