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Intelligent Decision Making Systems in European Business and Economics

Final Report Summary - IDMSEBE (Intelligent Decision Making Systems in European Business and Economics)

The project Intelligent Decision Making Systems in European Business and Economics (IDMSEBE) has been concluded successfully. The main contributions have been the development of new intelligent decision making systems based on the use of new aggregation systems. Several applications have been developed in managerial economics including demand analysis, supply forecasting, pricing research, consumption analysis and economic growth. This approach has provided a better representation of the business information being able to consider complex scenarios in a more complete way. Some general examples regarding the calculation of the average price, the average demand and the average supply have been developed giving special attention to the European case.
These aggregation systems are based on the ordered weighted average (OWA). It is a modern aggregation operator introduced in 1988 that provides a parameterized family of aggregation operators between the minimum and the maximum. It is very useful for dealing with uncertain environments by using the attitudinal character of the decision maker that permits him to under or overestimate the information according to his interests in the specific problem considered.
By using the OWA operator and its generalizations, we have been able to develop a wide range of intelligent decision making systems because we can generate many simulations and select the scenario that seems to be in closest accordance with our attitudinal character. Several examples have been developed in investment selection, strategic management, economics and politics. Another interesting question that has been considered in this project is the decision process involved in the creation of new regulations. Special attention has been given to the European context where a lot of new regulations are being created during the last years. Therefore, it is very important to be able to develop an optimal decision process that can find the most efficient regulation that can maximize the benefits or minimize the costs as much as possible in the European region.
This project has developed several theoretical decision making models that have a strong impact in the real world because many applications can be developed. Some of them have been considered from a theoretical point of view but it is important to remark that in the future we expect to be able to implement these decision making models in real problems in order to improve the decision process. The reason for doing so is that we can represent information in a better way and take the attitude of the decision maker into consideration. Thus, our approaches permit the decision maker to build better strategies that allow him to make better decisions. This is particularly interesting in the European context because the European Union is still under construction and many important decisions are needed in order to build an efficient and well organized supranational region.
The research of the project has produced many papers that have been presented in international conferences and submitted to international journals. At the core of the project, about 10 papers have been presented in international conferences. Several papers have been published in journals including European Journal of Operational Research, Journal of Intelligent & Fuzzy Systems, Information Sciences and Applied Mathematical Modelling. Several other papers are under revision in other journals. Some new papers are still in progress and will be submitted soon to international journals. Many other papers have been written on related topics but not at the core of the project. This includes several collaborations with authors from different universities and some bibliometric studies that have been developed in business and economic fields.
In general, the project has been very successful with the development of several new intelligent decision making systems that have been applied in European business and economics problems. This has led to the development of many papers that will be published soon in international journals. Dr. Merigó has benefited a lot from this project because he has been able to improve his academic career by collaborating with a world-leading research group in decision sciences at the Manchester Business School, University of Manchester. Especially, it is worth noting his collaboration with Prof. Jian-Bo Yang that has allowed him to learn the abilities and experience of one of the world-leading researchers in decision sciences.
The address of the research group is:
https://research.mbs.ac.uk/decision-science/?_ga=1.144177597.981612450.1407713891
For further information regarding the research developed by Dr. Merigó, see his Google Scholar webpage: http://scholar.google.com/citations?user=rprb9KwAAAAJ&hl=en