Interpretation and Generalization of Regret Theory on MCDA

This paper focuses on decision making under certainty and how the decision maker anticipates the experience of the regret emotion and take it into account when making decision in the context of multicriteria decision analysis (MCDA). In this work is proposed a model to solve the MCDA problem - specifically the multicriteria ranking problem - that explains how a decision maker who experiences regret would explicitly incorporates psychological reactions such as anticipated regret when rationally comparing alternatives. The key assumption of this MCDA model is that decision makers avoid the unfavorable consequences of experiencing a decision making that is worse than the best that could have been achieved had it been known in advance.