Estimation of Group Priorities and Value of Information
Article first published online: 9 MAY 2013
Copyright © 2013 John Wiley & Sons, Ltd.
Journal of Multi-Criteria Decision Analysis
How to Cite
Muzaffer Musal, R. and Soyer, R. (2013), Estimation of Group Priorities and Value of Information. J. Multi-Crit. Decis. Anal.. doi: 10.1002/mcda.1493
- Article first published online: 9 MAY 2013
- Manuscript Accepted: 19 DEC 2012
- Manuscript Revised: 7 DEC 2012
- Manuscript Received: 19 JUN 2012
- value of information;
- analytical hierarchical process;
- group decision making;
- informational entropy
In this paper, we present a Bayesian approach to model uncertainty about a group's priorities in a multicriteria evaluation problem and develop a methodology to quantify amount of information provided by a sample of priorities. In so doing, we discuss how the quantification of the information content can be used to decide to elicit additional priorities from the group. We illustrate the implementation of our approach and discuss additional insights that it provides using real-life data from an academic department's priority analysis. Copyright © 2013 John Wiley & Sons, Ltd.