Abstract
This paper presents a conceptual and mathematical model of the process of satisficing decision making under multiple objectives in which the information about decision maker's preferences is expressed in the form of aspiration levels. The mathematical concept of a value (utility) function is modified to describe satisficing behavior; the modified value function (achievement scalarizing function) should possess the properties of order preservation and order approximation. It is shown that the mathematical basis formed using aspiration levels and achievement scalarizing functions can be used not only for satisficing decision making but also for Pareto optimization, and thus provides an alternative to approaches based on weighting coefficients or typical value functions. This mathematical basis, which can also be regarded as a generalization of the goal programming approach in multiobjective optimization, suggests pragmatic approaches to many problems in multiobjective analysis.
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