Abstract

This paper proposes a technique of consensus ranking of nondominated alternatives in multiple decision-makers and multiobjective investment decision problems. This technique combines the Warfield's ISM (Interpretive Structural Modeling) method with Cook-Seiford's method. Each decision-maker's preference relations for a set of nondominated alternatives are expressed in an ordinal ranking based on the result, directed graph, of the ISM analysis. Then, all decision-makers preferences are aggregated through Cook-Seiford method, which provide advantages such as compact representation of rankings, axiomatic characteristics of unique distance function, and ranking may be in ties, so that the consensus ranking can be solved quite easily. To show the effectiveness of the technique in this paper, a case study of power development investment problem is included.