A mathematical basis for satisficing decision making

Wierzbicki, A. (1981). A mathematical basis for satisficing decision making. In: Organizations: Multiple Agents with Multiple Criteria. Eds. Morse, J.N., pp. 465-486 Berlin/Heidelberg, Germany: Springer. ISBN 978-3-642-45527-8 10.1007/978-3-642-45527-8_36.

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This paper presents an analysis of an idealized version of satisficing decision making process in a simple organization under multiple objectives.

A modification of the mathematical concept of a value (utility) function that describes the satisficing behavior is given; the modified value function, called the achievement scalarizing function, should not be only order preserving but also order approximating. The notions of aspiration levels and achievement scalarizing functions form not only a mathematical basis for satisficing decision making but also an alternative basis for Pareto optimization. This approach can also be considered as a generalization of the goal programming approach in multiobjective. Optimization and results in pragmatic tools for solving many problems of multiobjective analysis, including the problem of interactive assessment of solutions to economic models for policy analysis and planning purposes.

Item Type: Book Section
Research Programs: System and Decision Sciences - Core (SDS)
Depositing User: Romeo Molina
Date Deposited: 24 Feb 2016 14:57
Last Modified: 27 Aug 2021 17:25
URI: https://pure.iiasa.ac.at/12032

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