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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