Scandinavian Working Papers in Economics
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The Economic Research Institute, Stockholm School of Economics SSE/EFI Working Paper Series in Economics and Finance

No 703:
An axiomatization of the Euclidean compromise solution

Mark Voorneveld (), Anne van den Nouweland and Rich McLean

Abstract: The utopia point of a multicriteria optimization problem is the vector that specifies for each criterion the most favourable among the feasible values. The Euclidean compromise solution in multicriteria optimization is a solution concept that assigns to a feasible set the alternative with minimal Euclidean distance to the utopia point. The purpose of this paper is to provide a characterization of the Euclidean compromise solution. Consistency plays a crucial role in our approach.

Keywords: Consistency; Euclidean compromise solution; Multicriteria optimization; (follow links to similar papers)

JEL-Codes: C60; C61; (follow links to similar papers)

27 pages, October 13, 2008

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