Abstract
This paper presents an interactive and modified version of the Surrogate Worth Trade-off method for multiobjective decision-making which was developed by Haimes and Hall [1974], An attempt is made to develop an algorithm that is both theoretically appealing and yet intuitively simple to understand and implement particularly from the point of view of the decision-maker (DM). The method recognizes and emphasizes the importance of both the structural part, by insisting that only the Pareto optimal solutions need be considered as candidates for the final decision, and the nonstructural part, by providing a simple and effective procedure by which the DM and the analyst can interactively and systematically explore the Pareto optimal set while trying to maximize the DM’s unknown utility function. This results in a sequence of improving Pareto-optimal solutions which, under some rational and consistent choices on the part of the DM, converges to a solution having maximum DM utility. The DM-analyst dialogue as well as the tasks to be performed by both are kept simple. The method applies to both linear and nonlinear multiobjective decision-making problems. Other features in which the method has its strengths and weaknesses are discussed and demonstrated by means of a numerical example.
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Chankong, V., Haimes, Y.Y. (1978). The Interactive Surrogate Worth Trade-Off (ISWT) Method for Multiobjective Decision-Making. In: Zionts, S. (eds) Multiple Criteria Problem Solving. Lecture Notes in Economics and Mathematical Systems, vol 155. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46368-6_4
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DOI: https://doi.org/10.1007/978-3-642-46368-6_4
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