Robustness analysis in a TODIM-based multicriteria evaluation model of rental properties

A new robustness analysis framework is proposed where robustness of a solution in a decision aiding process is measured as the distance from that solution to an expected outcome, chosen by the decision-aiding analyst. The framework is explained by the application of the TODIM method of multicriteria...

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Bibliographic Details
Published inTechnological and economic development of economy Vol. 19; no. Supplement_1; pp. S176 - S190
Main Authors Pereira, Javier, Gomes, Luiz Flavio Autran Monteiro, Paredes, Fernando
Format Journal Article
LanguageEnglish
Published Vilnius Taylor & Francis 28.01.2014
Vilnius Gediminas Technical University
Subjects
Concentrates
Criteria
Decision analysis
Decision making models
Economics
flexibility
Mathematical models
Mathematical problems
minimax-regret criterion
multiple criteria decision aiding
Multiple criteria decision making
Ranking
ranking problem
Ratings & rankings
Rentals
Robustness
robustness analysis
Studies
Tradeoffs
Chile
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Summary:A new robustness analysis framework is proposed where robustness of a solution in a decision aiding process is measured as the distance from that solution to an expected outcome, chosen by the decision-aiding analyst. The framework is explained by the application of the TODIM method of multicriteria decision aiding to the problem of predicting rental ranges for properties in a Chilean city. Therefore, the robustness concern concentrates on changes in criteria weights as well as in trade-off rates, as they are defined in the method. Two main contributions are introduced: a local robustness measure, defined in terms of a distance among rankings; and a global robustness measure, as an adaptation of the minimax-regret rule to select a global robust solution, i.e. a ranking produced by TODIM.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ISSN:2029-4913
2029-4921
DOI:10.3846/20294913.2014.880753