Minimum cost consensus model with loss aversion based large-scale group decision making

Yingying Liang, Yanbing Ju*, Jindong Qin, Witold Pedrycz, Peiwu Dong

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

19 Citations (Scopus)
Plum Print visual indicator of research metrics
  • Citations
    • Citation Indexes: 19
  • Captures
    • Readers: 12
see details

Abstract

In minimum cost consensus problems, to accomplish the group consensus, decision makers accommodate their initial discrepant opinions based on the unit adjustment costs. During this process, decision makers may exhibit loss aversion, which results in extra expenses when participants feel loss in contrast to their reference opinion adjustments. Existing minimum cost consensus models pay little attention to the loss-averse preference. Hence, to fill up this gap, a minimum cost consensus model with loss aversion (MCCM-LA) is established and the desired properties are analyzed. To manage large-scale group decision making problems, we first propose an integrated opinion similarity, connectivity similarity and behavior similarity clustering algorithm to divide decision makers into multiple subgroups. Balancing the individual adjustment willingness and consensus reaching efficiency, a two-stage consensus reaching mechanism is further designed based on MCCM-LA to realize the accordant opinion. Finally, the effectiveness and feasibility of the proposed method are demonstrated by sensitivity and comparative analyses with an illustrative example.

Original languageEnglish
Pages (from-to)1712-1729
Number of pages18
JournalJournal of the Operational Research Society
Volume74
Issue number7
DOIs
Publication statusPublished - 2023

Keywords

  • Minimum cost consensus model
  • clustering algorithm
  • consensus reaching mechanism
  • large-scale group decision making
  • loss aversion

Fingerprint

Dive into the research topics of 'Minimum cost consensus model with loss aversion based large-scale group decision making'. Together they form a unique fingerprint.

Cite this

Liang, Y., Ju, Y., Qin, J., Pedrycz, W., & Dong, P. (2023). Minimum cost consensus model with loss aversion based large-scale group decision making. Journal of the Operational Research Society, 74(7), 1712-1729. https://doi.org/10.1080/01605682.2022.2110002