MULTIPLE‐OBJECTIVE SATISFICING DECISION PROBLEMS

Abstract

For decision‐makers, the cognitive limit is one of the most critical factors which determine the quality of decisions, when they do not have enough information about their decision environment, and when they must strike a balance between conflicting objectives within a time limit. In such a situation, their decision‐making is often characterized by satisficing behaviors with multiple objectives under uncertainty. This paper aims to formulate a multiple‐objective satisficing problem and to study its fundamental properties, such as (1) existence of collectively satisficing solutions, (2) relationship among collectively satisficing solutions, Pareto satisficing solutions, weak Pareto satisficing solutions and max‐min solutions, and (3) characterization of Pareto satisficing solutions and of weak Pareto satisficing solutions.

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