Group Decision Making Model under Risk Based on Bounded Rationality

Yuan Wei Du; Wan Chun Duan; Chen Han

doi:10.4028/www.scientific.net/AMR.452-453.533

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HomeAdvanced Materials ResearchAdvanced Materials Research Vols. 452-453Group Decision Making Model under Risk Based on...

Group Decision Making Model under Risk Based on Bounded Rationality

Abstract:

To overcome the shortcomings in traditional approaches such as bad satisfaction, bad effectiveness and so on, three key bounded rationality assumptions are proposed firstly, i.e., risky preference is invariable, decision cost is existing, and group cognitive ability is only unbounded rational. After that, an efficient prospect deriving model is presented by data envelopment analysis with assurance region to derive efficient alternatives from inadequate decision information. The presented model is able to reflect the subjective risky preferences of group members and derive efficient alternatives under the premise of existing acquisition costs, and thus it can make the satisfactory and effective decision.

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Periodical:

Advanced Materials Research (Volumes 452-453)

Pages:

533-537

DOI:

https://doi.org/10.4028/www.scientific.net/AMR.452-453.533

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Online since:

January 2012

Authors:

Yuan Wei Du, Wan Chun Duan, Chen Han

Keywords:

Data Envelopment Analysis (DEA), Decision-Making under Risk, Deriving Model, Group Decision-Making, Prospect Theory

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