Generating well-behaved utility functions for compromise programming |
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Authors: | M A Morón C Romero F R Ruiz del Portal |
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Institution: | (1) Unidad Docente de Matemáticas, Escuela Técnica Superior de Ingenieros de Montes, Universidad Politécnica de Madrid, Madrid, Spain;(2) Departamento de Economía y Gestión, Escuela Técnica Superior de Ingenieros de Montes, Universidad Politécnica de Madrid, Madrid, Spain |
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Abstract: | The purpose of this paper is to seek utility functions satisfying a weak condition which guarantees that the utility optimum always belongs to the compromise set. This set is a special subset of the attainable or feasible set, which is generated through the application of the well-known operational research approach called compromise programming. It is shown that there are large families of utility functions satisfying this condition, thus reinforcing the value of compromise programming as a good surrogate of the traditional utility optimum.Thanks are due to the reviewers for their helpful suggestions. The English editing by Ms. Christine Méndez is appreciated. The authors have been supported by the Comisión Interministerial de Ciencia y Tecnología (CICYT), Madrid, Spain. |
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Keywords: | Compromise programming utility theory multicriteria analysis choice theory economic optimization |
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