Reference Point Approaches and Objective Ranking

The paper presents a reflection on some of the basic assumptions and philosophy of reference point approaches, stressing their unique concentration on the sovereignty of the subjective decision maker. As a new development in reference point approaches also the concept of objective ranking is stressed, defined as dependent only on a given set of data, relevant for the decision situation, and independent from any more detailed specification of personal preferences than that given by defining criteria and the partial order in criterion space. Rational objective ranking can be based on reference point approach, because reference levels needed in this approach can be established objectively statistically from the given data set. Examples show that such objective ranking can be very useful in many management situations.

• Type: Conference
• Year: 2006
• Where: DAGSTUHL
• Authors: Andrzej P. Wierzbicki
• Keywords: DAGSTUHL 2006, DAGSTUHL 2007, Objective Ranking, Reference Point Approaches, Subjective Decision Maker