Articles | Open Access | https://doi.org/10.55640/business-abc434

CONVEX PREFERENCE CONES: ADVANCING MULTIPLE CRITERIA DECISION MAKING AND BEYOND

Abstract

This paper delves into the utilization of convex preference cones in multiple criteria decision making (MCDM) and related fields. Convex preference cones offer a powerful framework for representing decision makers' preferences and capturing the trade-offs inherent in complex decision scenarios. Through the lens of convex preference cones, this study explores their applications in MCDM methodologies, including outranking methods, utility theory, and goal programming. Additionally, it investigates the extension of convex preference cones to diverse fields such as operations research, economics, and environmental management. By elucidating the theoretical foundations and practical applications of convex preference cones, this paper aims to foster a deeper understanding of their role in decision analysis and promote their adoption in decision-making contexts.

Keywords

Convex preference cones, Multiple criteria decision making, MCDM methodologies

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CONVEX PREFERENCE CONES: ADVANCING MULTIPLE CRITERIA DECISION MAKING AND BEYOND. (2023). International Interdisciplinary Business Economics Advancement Journal, 4(10), 01-06. https://doi.org/10.55640/business-abc434