Multiperson decision making with different preference representation structures: A selection process based on prospect theory

In this study, we present a novel selection process to solve the multiperson decision making (MPDM) problems with different preference representation structures. This selection process is based on the prospect theory, which is one of the most influential psychological behavior theories, and seeks to maximize the satisfactory of all decision makers. Specifically, the individual selection methods associated with different preference structures are used to obtain individual preference orderings. Then, the preference-approval structures are used to determine the reference points of the prospect theory, according to the obtained individual preference orderings. Next, the gains and losses are calculated based on the prospect theory and the established reference points. Finally, the prospect values of the alternatives are obtained to rank the alternatives.