Through the Psychological Lens: Unveiling Biases in Multi-Criteria Decision-Making

Abstract

Multi-Criteria Decision Making (MCDM) methods have become a mainstay in navigating complex decision-making scenarios. These methods empower individuals to consider multiple, often conflicting, criteria simultaneously. While primarily developed in computer science and operations research, the psychological implications of these methods are rarely touched on. This paper aims to address this gap by critically analysing the most established contemporary MCDM (Multi-Criteria Decision Making) methods from a psychological perspective. Due to the scope of the field this paper will restrict itself to MADM (Multi-Attribute Decision Making) methods which focus on selecting an option from a set of possible alternatives. By providing additional context and considerations, we aim to empower users to make informed decisions about their application and be mindful of their limitations.

Keywords: decision-making, multi-objective decision-making, multi-attribute decision-making

DOI: 10.54941/ahfe1005476