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Behavioural decision theory for multi-criteria decision analysis: a guided tour

Morton, Alec and Fasolo, Barbara (2009) Behavioural decision theory for multi-criteria decision analysis: a guided tour. Journal of the Operational Research Society, 60. pp. 268-275. ISSN 0160-5682

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Identification Number: 10.1057/palgrave.jors.2602550


Multi-criteria decision analysis (MCDA) involves asking decision makers difficult questions, and can leave them thinking that their judgements are not as coherent as they might have thought. This experience can be distressing and may even lead to rejection of the analysis. The psychology of preference sheds light both on how people naturally make choices without decision analytic assistance, and on how people think about the MCDA elicitation questions. As such, it can help the analyst to respond helpfully to difficulties which decision makers may face. In this paper, we review research from Behavioural Decision Theory relevant to MCDA. Our review follows the MCDA process, discussing research relevant to the structuring, value elicitation, and weighting phases of the analysis, outlining relevant and important findings, and open questions for research and practice.

Item Type: Article
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Additional Information: © 2009 Operational Research Society
Divisions: LSE
Subjects: H Social Sciences > H Social Sciences (General)
Date Deposited: 27 Aug 2009 12:39
Last Modified: 20 Jun 2021 01:41

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