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Estimation of Group Priorities and Value of Information
Author(s) -
Muzaffer Musal R.,
Soyer Refik
Publication year - 2013
Publication title -
journal of multi‐criteria decision analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.462
H-Index - 47
eISSN - 1099-1360
pISSN - 1057-9214
DOI - 10.1002/mcda.1493
Subject(s) - group (periodic table) , value (mathematics) , estimation , statistics , mathematics , computer science , economics , chemistry , organic chemistry , management
In this paper, we present a Bayesian approach to model uncertainty about a group's priorities in a multicriteria evaluation problem and develop a methodology to quantify amount of information provided by a sample of priorities. In so doing, we discuss how the quantification of the information content can be used to decide to elicit additional priorities from the group. We illustrate the implementation of our approach and discuss additional insights that it provides using real‐life data from an academic department's priority analysis. Copyright © 2013 John Wiley & Sons, Ltd.