RT Journal Article
T1 An extended stochastic VIKOR model with decision maker's attitude towards risk
A1 Tavana, Madjid
A1 Di Caprio, Debora
A1 Santos Arteaga, Francisco Javier
AB We propose a risk-based stochastic VIKOR (RB-VIKOR) model that accounts for differences in the risk attitudes of the decision makers (DMs) when ranking stochastic alternatives. Our proposed RB-VIKOR model is designed to solve multi-criteria problems characterized by stochastic data and DMs categorized by their risk averse or risk seeking behavior. These differences in risk attitudes determine the subjective beliefs of the DMs regarding the evaluation of each alternative per decision criterion and the resulting rankings. We present a case study in the banking industry to illustrate how differences in the risk attitudes of the DMs condition the rankings obtained. Moreover, we compare our results with those derived from a stochastic super-efficiency data envelopment analysis (DEA) model to demonstrate the applicability and efficacy of RB-VIKOR. The proposed method has a considerable amount of potential applications to diverse research areas ranging from economics to knowledge based and decision support systems.
PB Elsevier
SN 0020-0255
YR 2018
FD 2018-03-01
LK https://hdl.handle.net/20.500.14352/126498
UL https://hdl.handle.net/20.500.14352/126498
LA eng
NO Madjid Tavana, Debora Di Caprio, Francisco J. Santos-Arteaga, An extended stochastic VIKOR model with decision maker's attitude towards risk, Information Sciences, Volume 432, 2018, Pages 301-318, ISSN 0020-0255, https://doi.org/10.1016/j.ins.2017.12.019. (https://www.sciencedirect.com/science/article/pii/S0020025516322903)
DS Docta Complutense
RD 19 dic 2025