Multi-objective Decisions

Abstract

A sign of maturity is the recognition that one can’t have everything. Compromise and trade-off are almost always unavoidable in real life decision situations, not only when several parties with non-coincident interests are involved but also when one own’s objectives or desires compete with one another for attention or priorities. A person buying a car wants it to be safe, comfortable, economical and low priced. He can’t possibly satisfy all these objectives at once. A person looking for a job wants it to pay well, to offer opportunities for advancement, to be interesting, and so on. Generally, he will have to sacrifice some of these desiderata in order to satisfy others. Thus, the question invariably arises: ‘How much of this is worth how much of that?’ ‘How much more am I willing to pay for an apartment for being nearer to my place of work by how much?’ In considering candidates for a position, how is experience to be weighed against intelligence or against an attractive personality?