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An approach for extending PROMETHEE to reflect choice behaviour of the decision maker
(2019) Karasakal, Esra; Karasakal, Orhan; Bozkurt, Ahmet
In this study, an approach based on PROMETHEE is developed to correctly reflect the choice behavior of the decision maker that is not explained by the utility theory. The prospect theory argues that losses have higher impact than gains. We integrate the prospect theory into PROMETHEE through defining new preference functions. The proposed approach is behaviorally realistic and tolerates some degree of intransitivities in the preferences of the decision maker. For determining the criteria weights, we utilize pairwise comparison method of Analytic Hierarchy Process. Performance of the approach is demonstrated on a university ranking problem.

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