PIIPTI, or the Principle of Increasing Irrelevance of Preference Type Information

Rosinger, Elemer Elad (2005): PIIPTI, or the Principle of Increasing Irrelevance of Preference Type Information.

Abstract

It is shown that in the case of a single decision maker who optimizes several possibly conflicting objectives, the amount of information available in preference relations among pairs of possible decisions, when compared with all other possible information, is tending to zero exponentially with the number of those different objectives. Consequently, in the case of a larger number of conflicting objectives, the only way to obtain a satisfactory amount of information is by the use of non-preference type relations among possible decisions.

• Item Type: MPRA Paper
• Language: English
• Keywords: single decision maker, multiple criteria decision making, increasing irrelevance of preference type information
• Subjects: C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling; C - Mathematical and Quantitative Methods > C0 - General; C - Mathematical and Quantitative Methods > C0 - General > C02 - Mathematical Methods

References

Arrow, Kenneth J [1] : A difficulty in the concept of social welfare. Journal of Political Economy, 58, 4 (1950)

Arrow, Kenneth J [2] : Social Choice and Individual Values, 2nd ed. Wiley, New York, 1963

Binmore, Kenneth [1] : Modelling rational players. Part I. Economics and Philosophy, 3 (1987) 179-214

Binmore, Kenneth [2] : Modelling rational players. Part II. Economics and Philosophy, 4 (1988) 9-55

Binmore, Kenneth [3] : Game theory and the social contract : Mark II (manuscript 1988) London School of Economics

Luce, R Duncan \& Raiffa, Howard : Games and Decisions, Introduction and Critical Survey. Wiley, New York, 1957, or Dover, New York, 1989

Manin, Yu I : Mathematics and Physics. Birkhauser, Boston, 1981

von Neuman, John \& Morgenstern, Oskar : Theory of Games and Economic Behavior. Princeton, 1944

Rosinger, Elemer E [1] : Interactive algorithm for multiobjective optimization. JOTA, 35, 3 (1981) 339-365

Rosinger, Elemer E [2] : Errata Corrige : Interactive algorithm for multiobjective optimization. JOTA, 38, 1 (1982) 147-148

Rosinger, Elemer E [3] : Aids for decision making with conflicting objectives. In Serafini, P (Ed.), Mathematics of Multiobjective Optimization. Springer, New York, 1985, 275-315

Rosinger, Elemer E [4] : Beyond preference information based multiple criteria decision making. European Journal of Operational Research, 53 (1991) 217-227

Rosinger, Elemer E [5] : Reconsidering conflict and cooperation. arXiv:math.OC/0405065