A multidimensional framework for financial–economic decisions

A multidimensional framework for financial–economic decisions

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Article ID: iaor20051389
Country: United Kingdom
Volume: 11
Issue: 3
Start Page Number: 111
End Page Number: 124
Publication Date: May 2002
Journal: Journal of Multi-Criteria Decision Analysis
Authors: ,
Keywords: economics, decision theory: multiple criteria
Abstract:

Most financial–economic decisions are made consciously, with a clear and constant drive to ‘good’, ‘better’ or even ‘optimal’ decisions. Nevertheless, many decisions in practice do not earn these qualifications, despite the availability of financial economic theory, decision sciences and ample resources. We plea for the development of a multidimensional framework to support financial economic decision processes. Our aim is to achieve a better integration of available theory and decision technologies. We sketch (a) what the framework should look like, (b) what elements of the framework already exist and which not, and (c) how the MCDA community can co-operate in its development.

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