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A Multiple Criteria Ranking Method Based on Outranking Relations: An Extension for Prospect Theory

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dc.contributor.author Karasakal, Esra
dc.contributor.author Karasakal, Orhan
dc.contributor.author Hazel, Şentürk
dc.date.accessioned 2024-02-09T11:41:18Z
dc.date.available 2024-02-09T11:41:18Z
dc.date.issued 2022
dc.identifier.citation Karasakal, Esra; Karasakal, Orhan; Hazel, Şentürk. "A Multiple Criteria Ranking Method Based on Outranking Relations: An Extension for Prospect Theory", in Multiple Criteria Decision Making with Fuzzy Sets, pp. 115-133. tr_TR
dc.identifier.uri http://hdl.handle.net/20.500.12416/7150
dc.description.abstract In this study, Prospect Theory is integrated into a well-known multiple criteria ranking method, PROMETHEE. PROMETHEE considers the outranking relations among alternatives based on the preference functions. Prospect Theory evaluates the alternatives with a difference function based on gains and losses. The preference functions of PROMETHEE are modified to capture the choice behavior of the decision maker. The proposed method is a generalization of PROMETHEE that can handle the higher loss impact case as well as the usual equal loss and gain impact. The proposed method is compared with PROMETHEE, PT-PROMETHEE that is an extension of PROMETHEE with reference alternative, and the weighted sum method using an exemplary data set and Times Higher Education (THE) World University Ranking 2019 and 2020 data. The results show that rankings of alternatives change significantly when the impact of losses is larger than gains. tr_TR
dc.language.iso eng tr_TR
dc.rights info:eu-repo/semantics/closedAccess tr_TR
dc.subject Multiple Criteria Decision-Making tr_TR
dc.subject Prospect Theory tr_TR
dc.subject PROMETHEE tr_TR
dc.subject Outranking Relations tr_TR
dc.title A Multiple Criteria Ranking Method Based on Outranking Relations: An Extension for Prospect Theory tr_TR
dc.type bookPart tr_TR
dc.relation.journal Multiple Criteria Decision Making with Fuzzy Sets tr_TR
dc.contributor.authorID 216553 tr_TR
dc.identifier.startpage 115 tr_TR
dc.identifier.endpage 133 tr_TR
dc.contributor.department Çankaya Üniversitesi, Mühendislik Fakültesi, Endüstri Mühendisliği Bölümü tr_TR


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