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Risk attitude in multicriteria decision analysis: A compromise approach
Publicated to:International Journal Of Environmental Research And Public Health. 18 (12): 6536- - 2021-06-01 18(12), DOI: 10.3390/ijerph18126536
Authors: Ribes, Juan; Gonzalez-Pachon, Jacinto
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Abstract
In fields on which decisions need to be taken including health, as we are seeing nowadays in the COVID-19 crisis, decision-makers face multiple criteria and results with a random component. In stochastic multicriteria decision-making models, the risk attitude of the decision maker is a relevant factor. Traditionally, the shape of a utility function is the only element that represents the decision maker’s risk attitude. The eduction process of multi-attribute utility functions implies some operational drawbacks, and it is not always easy. In this paper, we propose a new element with which the decision maker’s risk attitude can be implemented: the selection of the stochastic efficiency concept to be used during a decision analysis. We suggest representing the risk attitude as a conflict between two poles: risk neutral attitude, associated with best expectations, and risk aversion attitude, associated with a lower uncertainty. The Extended Goal Programming formulation has inspired the parameter that is introduced in a new risk attitude formulation. This parameter reflects the trade-off between the two classical poles with respect to risk attitude. Thus, we have produced a new stochastic efficiency concept that we call Compromise Efficiency.
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Bibliometric impact. Analysis of the contribution and dissemination channel
The work has been published in the journal International Journal Of Environmental Research And Public Health due to its progression and the good impact it has achieved in recent years, according to the agency WoS (JCR), it has become a reference in its field. In the year of publication of the work, 2021, it was in position 45/182, thus managing to position itself as a Q1 (Primer Cuartil), in the category Public, Environmental & Occupational Health.
From a relative perspective, and based on the normalized impact indicator calculated from the Field Citation Ratio (FCR) of the Dimensions source, it yields a value of: 1.58, which indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: Dimensions Jul 2025)
Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-07-20, the following number of citations:
- WoS: 3
- Scopus: 4
Impact and social visibility
Leadership analysis of institutional authors
There is a significant leadership presence as some of the institution’s authors appear as the first or last signer, detailed as follows: First Author (RIBES ROSSIÑOL DE ZAGRANADA, JUAN) and Last Author (GONZALEZ PACHON, JACINTO).
the authors responsible for correspondence tasks have been RIBES ROSSIÑOL DE ZAGRANADA, JUAN and GONZALEZ PACHON, JACINTO.