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Statistical Analysis of KEMIRA Type Weights Balancing Methods

Author

Listed:
  • Aleksandras KRYLOVAS

    (Department of Mathematical Modelling, Vilnius Gediminas Technical University)

  • Natalja KOSAREVA

    (Department of Mathematical Modelling, Vilnius Gediminas Technical University)

  • Edmundas Kazimieras ZAVADSKAS

    (Department of Construction Technology and Management, Vilnius Gediminas Technical University)

Abstract
The article analyzes Multiple Criteria Decision Making (MCDM) problem when there are two different groups of evaluating criteria. It was shown how criteria weights can be calculated according to weights balancing method by formulating optimization task. Case study of the small dimensions problem was solved by Kemeny Median Indicator Ranks Accordance (KEMIRA) method with options re-selection. Next, 8 various candidates sorting algorithms – 6 based on voting theory methods and 2 algorithms based on Kemeny median – were compared with each other. Monte Carlo experiments were conducted for the cases of 3-10 experts, 3-5 candidates and probability values of correct decision p=0.4-0.8. The highest percent of correct decisions and the lowest percent of failed voting procedures were demonstrated by algorithms based on Kemeny median.

Suggested Citation

  • Aleksandras KRYLOVAS & Natalja KOSAREVA & Edmundas Kazimieras ZAVADSKAS, 2016. "Statistical Analysis of KEMIRA Type Weights Balancing Methods," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 19-39, September.
    • Handle: RePEc:rjr:romjef:v::y:2016:i:3:p:19-39
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    References listed on IDEAS

    as
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    Cited by:

    1. Pelin Toktaş & Gülin Feryal Can, 2019. "Stochastic KEMIRA-M Approach with Consistent Weightings," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(03), pages 793-831, May.

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    More about this item

    Keywords

    Multiple Criteria Decision Making; KEMIRA method; Kemeny median; Monte Carlo method; voting theory;
    All these keywords.

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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