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Multiple Criteria Decision Making and its Applications to
Economic Problems ties Multiple Criteria Decision Making
(MCDM)/Multiple Objective Optimization (MO) and economics together.
It describes how MCDM methods (goal programming) can be used in
economics.
The volume consists of two parts. Part One of the book
introduces the MCDM approaches. This first part, comprising
Chapters 1-5, is basically an overview of MCDM methods that can
most likely be used to address a wide range of economic problems.
Readers looking for an in-depth discussion of multi-criteria
analysis can grasp and become acquainted with the initial MCDM
tools, language and definitions.
Part Two, which comprises Chapters 6-8, focuses on the
theoretical core of the book. Thus in Chapter 6 an economic meaning
is given to several key concepts on MCDM, such as ideal point,
distance function, etc. It illustrates how Compromise Programming
(CP) can support the standard premise of utility optimisation in
economics as well as how it is capable of approximating the
standard utility optimum when the decision-makers' preferences are
incompletely specified. Chapter 7 deals entirely with production
analysis. The main characteristic throughout the Chapter refers to
a standard joint production scenario, analysed from the point of
view of MCDM schemes. Chapter 8 focuses on the utility
specification problem in the n-arguments space within a risk
aversion context. A link between Arrows' risk aversion coefficient
and CP utility permits this task.
The book is intended for postgraduate students and researchers
in economics with an OR/MS orientation or in OR/MS with an economic
orientation. In short, it attempts to fruitfully link economics and
MCDM.
Operations Research Management Science approaches have helped
people for the last 40 years to understand the complex functioning
of the systems based upon natural resources, as well as to manage
natural resources in the most efficient manner. The areas usually
viewed within the natural resources field are: agriculture,
fisheries, forestry, and mining and water resources. All of these
areas share the common problem of optimally allocating scarcity
over a period of time. The scale of time or length of the planning
horizon differs from one area to another. We have almost a
continuous renewal in the case of the fisheries, periodic cycles in
the case of agriculture and forestry and enormous periods of time
much beyond the human perception in the case of mining resources.
But in all the cases, the critical issue is to obtain an efficient
use of the resource along its planned time horizon.
Another element of connection among the different natural
resources is due to the interaction between the use of the resource
and the environmental impact caused by its extraction or harvest.
This type of interaction implies additional complexities in the
underlying decision-making process, making the use of OR/MS tools
especially relevant.
HANDBOOK OF OPERATIONS RESEARCH IN NATURAL RESOURCES will be the
first systematic handbook treatment of quantitative modeling
natural resource problems, their allocated efficient use, and
societal and economic impact. AndrA(c)s Weintraub is the very top
person in Natural Resource research. Moreover, he has an
international reputation in OR and a former president of the
International Federation of Operational Research Societies (IFORS).
He has selectedco-editors who are at the top of the sub-fields in
natural resources: agriculture, fisheries, forestry, and mining.
The book will cover these areas in terms with contributions from
researchers on modeling natural research problems, quantifying
data, developing algorithms, and discussing the benefits of
research implementations. The handbook will include tutorial
contributions when necessary. Throughout the book, technological
advances and algorithmic developments that have been driven by
natural resource problems will be called out and discussed.
Here is the first systematic handbook treatment of quantitative
modeling natural resource problems, their allocated efficient use,
and societal and economic impact. Andres Weintraub is the very top
person in Natural Resource research. He has selected co-editors who
are at the top of the sub-fields in natural resources: agriculture,
fisheries, forestry, and mining. The book covers these areas with
contributions from researchers on, among others, modeling natural
research problems, quantifying data, and developing
algorithms."
Multiple Criteria Decision Making and its Applications to
Economic Problems ties Multiple Criteria Decision Making
(MCDM)/Multiple Objective Optimization (MO) and economics together.
It describes how MCDM methods (goal programming) can be used in
economics.
The volume consists of two parts. Part One of the book
introduces the MCDM approaches. This first part, comprising
Chapters 1-5, is basically an overview of MCDM methods that can
most likely be used to address a wide range of economic problems.
Readers looking for an in-depth discussion of multi-criteria
analysis can grasp and become acquainted with the initial MCDM
tools, language and definitions.
Part Two, which comprises Chapters 6-8, focuses on the
theoretical core of the book. Thus in Chapter 6 an economic meaning
is given to several key concepts on MCDM, such as ideal point,
distance function, etc. It illustrates how Compromise Programming
(CP) can support the standard premise of utility optimisation in
economics as well as how it is capable of approximating the
standard utility optimum when the decision-makers' preferences are
incompletely specified. Chapter 7 deals entirely with production
analysis. The main characteristic throughout the Chapter refers to
a standard joint production scenario, analysed from the point of
view of MCDM schemes. Chapter 8 focuses on the utility
specification problem in the n-arguments space within a risk
aversion context. A link between Arrows' risk aversion coefficient
and CP utility permits this task.
The book is intended for postgraduate students and researchers
in economics with an OR/MS orientation or in OR/MS with an economic
orientation. In short, it attempts to fruitfully link economics and
MCDM.
This monograph provides a novel approach to the evaluation of
economic policy by combining two different analytical strategies.
On the one hand, the computable general equilibrium (CGE) analysis,
a standard tool mostly used to quantify the impact of economic
measures or changes in the structural data of the economy. On the
other hand, the multiple criteria decision-making (MCDM) approach,
an op- misation technique that deals with problems with more than
one objective. Ty- cally, CGE is well suited for the analysis of
the interactions of multiple agents from the point of view of a
planner single objective. Combining this technique with the MCDM
approach allows developing models in which we ?nd many interacting
agents and a decision maker with several objectives. The
contribution of this work is partly methodological and partly
applied. It provides a framework for the analysis of this type of
problems, as well as a series of applications in which the strength
of the approach is made clear. The consideration of environmental
problems, as a speci?c ?eld in which this technique of analysis can
be used, is particularly well chosen. The environmental concern
keeps growing steadily and has already become an issue in most of
the standard economic decisions. It is therefore extremely
important to ?nd systematic ways to introduce such a concern in the
models with which we evaluate the impact of policy measures.
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