A class of flexible weight indices for ranking alternatives

A class of flexible weight indices for ranking alternatives

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Article ID: iaor2008994
Country: United Kingdom
Volume: 16
Issue: 1
Start Page Number: 71
End Page Number: 85
Publication Date: Jan 2005
Journal: IMA Journal of Management Mathematics (Print)
Authors: , ,
Keywords: decision theory
Abstract:

In this paper we deal with the problem of the evaluation of a set of alternatives when they are measured by values in different rank positions of an ordinal scale. We propose a class of indices to evaluate the alternatives where we give each alternative the opportunity to rank as high as possible assuming only certain conditions on the weights that represent the relative importance of the ordinal categories. We derive explicit formulas for the indices under different assumptions about the appropriate weights and analyse their behaviour in relation to the collective rationality of a group decision making procedure. An application to new staff members selection is presented to illustrate the results.

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