Abstract
It is often necessary to choose a Pareto optimal point from a set of many. This paper introduces the concept of order of efficiency, which provides a notion that is stronger than Pareto optimality and allows us to set up a preference ordering amongst various alternatives that are Pareto optimal. This approach does not resort to setting up a ranking on the basis of an arbitrary “criterion of merit” obtained by combining the multiple decision criteria into one scalar index. Examples are cited and it is argued that using the procedure described in this paper, it is possible to rule out Pareto alternatives with “extreme components” and retain alternatives “in the middle” of the Pareto set without the help of plots or other visualization aids. This makes the approach applicable for cases where the number of criteria is very high and visualization is intractable.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
