is there any literature review about application of prospect theory or any behavioural theory into MCDM? (does not matter french or american school).
Generally does it make sense to integrate prospect theory and MCDM considering one is of normative and other is descriptive nature?
Dear Araz,
It's a great topic. Simply search one of the MCDM models e.g. AHP with prospect theory and you can find a number of studies.
e.g. Merging Prospect Theory with the Analytic Hierarchy Process, Elkholy, 2014.
In fact, business ethics is replete with oodles of studies that have integrated a behavioural theory with MCDM/MADM. The only thing is that publication of such paper is hard unless great innovations have been made to research design, method, hypothesis/research question development, etc.
Among my works, I have one study in the publication process on Schwarz value theory and CSR (link to the abstract attached). Also, on the applications of MCDM models (attached).
Best,
Amir
https://www.researchgate.net/project/The-Prospects-of-Corporate-Social-Responsibility-in-2020-Do-Personal-Values-Matter_573369873d7f4b0a1f67d661
Article Developing a Fuzzy Corporate Performance Rating System: A Pe...
Krohling, R. A., & de Souza, T. T. (2012). Combining prospect theory and fuzzy numbers to multi-criteria decision making. Expert Systems with Applications, 39(13), 11487-11493.
Liu, P., Jin, F., Zhang, X., Su, Y., & Wang, M. (2011). Research on the multi-attribute decision-making under risk with interval probability based on prospect theory and the uncertain linguistic variables. Knowledge-Based Systems, 24(4), 554-561.
Fan, Z. P., Zhang, X., Chen, F. D., & Liu, Y. (2013). Multiple attribute decision making considering aspiration-levels: A method based on prospect theory. Computers & Industrial Engineering, 65(2), 341-350.
Salminen, P., & Wallenius, J. (1993). Testing prospect theory in a deterministic multiple criteria decision-making environment. Decision Sciences, 24, 279-279.
Liu, P., Jin, F., Zhang, X., Su, Y., & Wang, M. (2011). Research on the multi-attribute decision-making under risk with interval probability based on prospect theory and the uncertain linguistic variables. Knowledge-Based Systems, 24(4), 554-561.
these articles discussed about multi criteria decision making, hopefully it can help your research
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