Axiomatizations of the Euclidean compromise solution

M. Voorneveld, A. van den Nouweland, R. McLean

Research output: Contribution to journalArticlepeer-review

2 Scopus citations

Abstract

A multicriteria optimization problem is one of choosing an alternative that optimizes several-possibly conflicting-objective functions simultaneously. The utopia point of a multicriteria optimization problem is the vector that specifies for each objective function the most favorable feasible value. The Euclidean compromise solution in multicriteria optimization is a solution that selects from a feasible set the alternative such that its vector of criteria values has minimal Euclidean distance to the utopia point. This paper provides several axiomatic characterizations of the Euclidean compromise solution that are based on consistency properties.

Original languageEnglish (US)
Pages (from-to)427-448
Number of pages22
JournalInternational Journal of Game Theory
Volume40
Issue number3
DOIs
StatePublished - Aug 2011

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Mathematics (miscellaneous)
  • Statistics and Probability
  • Social Sciences (miscellaneous)
  • Statistics, Probability and Uncertainty

Keywords

  • Bargaining theory
  • Compromise solution
  • Multiobjective optimization

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