Consensus Group Decision Making Under Model Uncertainty with a View Towards Environmental Policy Making

P. Koundouri, G. I. Papayiannis*, E. V. Petracou, A. N. Yannacopoulos

*Corresponding author for this work

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

In this paper we propose a consensus group decision making scheme under model uncertainty consisting of an iterative two-stage procedure based on the concept of Fréchet barycenter. Each stage consists of two steps: the agents first update their position in the opinion metric space adopting a local barycenter characterized by the agents’ immediate interactions and then a moderator makes a proposal in terms of a global barycenter, checking for consensus at each stage. In cases of large heterogeneous groups, the procedure can be complemented by an auxiliary initial homogenization stage, consisting of a clustering procedure in opinion space, leading to large homogeneous groups for which the aforementioned procedure will be applied. The scheme is illustrated in examples motivated from environmental economics.

Original languageEnglish
JournalEnvironmental and Resource Economics
ISSN0924-6460
DOIs
Publication statusAccepted/In press - 2024

Keywords

  • Consensus
  • Environmental decision making
  • Fréchet barycenter
  • Group decision making
  • Model uncertainty

Fingerprint

Dive into the research topics of 'Consensus Group Decision Making Under Model Uncertainty with a View Towards Environmental Policy Making'. Together they form a unique fingerprint.

Cite this