Multicriteria Decision Making

WC13.1 The Money Pump: When Not to Use Utility Models James L. Bander --- Univ. of MI, Dept. of Ind. & Op. Eng., 1205 Beal Ave., Ann Arbor, MI 48109-2140, (jim.bander@umich.edu)

Utility and expectancy models were developed for normative modeling¨ of decision-making behavior, but they have been widely used for both¨ normative and descriptive purposes. The point of this presentation¨ is to raise questions about the appropriateness of utility and¨ expectancy models for descriptive modeling of human behavior.

WC13.2 New Developments in the Learning Phase of Interactive Procedures in MCDM Zaharias Xanthopulos, Emanuel Melachrinoudis, Marius Solomon --- Northeastern Univ., Dept. of Mech. Ind. & Mft. Eng, 360 Huntington Ave., Boston, MA 02115 , (zac@meceng.coe.neu.edu)

It is well known that the first phase of an interactive procedure¨ should be a learning phase and familiarization of the decision maker¨ with the dynamics of the MCDM problem under consideration. We¨ present some prominent characteristics for MCDM problems and show¨ how to take advantage during the interactive procedure.

WC13.3 An AHP-Based Simulation Model for Determining the Entry Mode of Foreign Direct Investment Ke Wan, Reuven Levary --- St. Louis Univ., Sch. of Bus., St. Louis, MO 63108 , (wank@slumca.slu.edu)

The characteristics of the decision making process regarding foreign¨ direct investment are discussed. An AHP-based simulation model for¨ determining the entry mode of foreign direct investment is described¨ and a case study involving foreign direct investment in China¨ presented.