A Multidimensional Framework for Financial-Economic Decisions

23 Pages Posted: 13 Feb 2006

See all articles by Winfried G. Hallerbach

Winfried G. Hallerbach

Robeco Asset Management, Quantitative Investment Research

J. Spronk

Erasmus Research Institute of Management (ERIM)

Multiple version iconThere are 2 versions of this paper

Date Written: 29 2003 4,

Abstract

Most financial-economic decisions are made consciously, with a clear and constant drive to ???good???, ???better??? or even ???optimal??? decisions. Nevertheless, many decisions in practice do not earn these qualifications, despite the availability of financial economic theory, decision sciences and ample resources. We plea for the development of a multidimensional framework to support financial economic decision processes. Our aim is to achieve a better integration of available theory and decision technologies. We sketch (a) what the framework should look like, (b) what elements of the framework already exist and which not, and (c) how the MCDA community can co-operate in its development. Most financial-economic decisions are made consciously, with a clear and constant drive to "good", "better" or even "optimal" decisions. Nevertheless, many decisions in practice do not earn these qualifications, despite the availability of financial economic theory, decision sciences and ample resources. We plea for the development of a multidimensional framework to support financial economic decision processes. Our aim is to achieve a better integration of available theory and decision technologies. We sketch (a) what the framework should look like, (b) what elements of the framework already exist and which not, and (c) how the MCDA community can co-operate in its development.

Keywords: finance, financial decisions, multiple criteria, decision making, decision analysis

JEL Classification: M, M41, G3, G30, C44

Suggested Citation

Hallerbach, Winfried George and Spronk, Jaap, A Multidimensional Framework for Financial-Economic Decisions (29 2003 4,). ERIM Report Series Reference No. ERS-2003-021-F&A. Available at SSRN: https://ssrn.com/abstract=411662

Winfried George Hallerbach (Contact Author)

Robeco Asset Management, Quantitative Investment Research ( email )

Weena 850
Rotterdam, 3014 DA
Netherlands
+31102242316 (Phone)

HOME PAGE: http://www.robeco.com/quant

Jaap Spronk

Erasmus Research Institute of Management (ERIM) ( email )

P.O. Box 1738
3000 DR Rotterdam
Netherlands

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