Abstract
Abstract This paper updates and expands the TOPSIS that was introduced four decades ago. First, we re-present the logic of TOPSIS according to the traditional decision theory. It shows that TOPSIS also has a built-in multi-attribute value function that is not revealed explicitly. So far, this has been a hidden aspect of TOPSIS. Second, we incorporate the decision maker's (DM) behavioral tendency into TOPSIS. The behavioral TOPSIS accommodates the loss aversion concept in behavioral economics. A DM can set the loss aversion ratio to reflect his/her choice inclination. Two cases are illustrated to show the efficacy of the behavioral TOPSIS.
Full Text 
Sign-in/Register to access full text options
Sign-in/Register to access full text options 
Published version (
Free)
Free) 
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 call
