Quadratic objective functions from ordinal data: towards more reliable representations of policymakers' preferences

  • An approach recently developed by Tanguiane for constructing quadratic objective functions from a minimal set of answers to simple questions about indifference is shown to suffer from a number of deficiencies in practical work. Most importantly, objective functions turn out to be highly non-robust with respect to small errors in the decision maker's answers. For definite objective functions an alternative method is proposed which avoids these problems. In addition a modification is suggested for the case of an indefinite objective function which will at least increase the robustness of the function constructed.

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Author:Peter WelzelGND
Frontdoor URLhttps://opus.bibliothek.uni-augsburg.de/opus4/21040
Series (Serial Number):Volkswirtschaftliche Diskussionsreihe (136)
Publisher:Volkswirtschaftliches Institut, Universität Augsburg
Place of publication:Augsburg
Type:Working Paper
Year of first Publication:1995
Release Date:2017/07/21
Institutes:Wirtschaftswissenschaftliche Fakultät
Wirtschaftswissenschaftliche Fakultät / Institut für Volkswirtschaftslehre
Wirtschaftswissenschaftliche Fakultät / Institut für Volkswirtschaftslehre / Lehrstuhl für Ökonomie der Informationsgesellschaft
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Journals:Volkswirtschaftliche Diskussionsreihe