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Article: Investing in real-world equity markets with an AHP-based decision framework

TitleInvesting in real-world equity markets with an AHP-based decision framework
Authors
KeywordsBehavioral-Judgmental Perspective
System
Issue Date2009
Citation
Journal Of Decision Systems, 2009, v. 18 n. 2, p. 149-163 How to Cite?
AbstractA decision framework based on the Analytic Hierarchy Process is presented to evaluate and select equity portfolios under a given investment horizon. It is shown that a hierarchical structure can readily accommodate the complexity and information-computation constraints of this decision problem in real-world stock markets, ranging from a manydimensional investment environment, diverse asset characteristics, individual preferences, perceptions, judgments, expectations, and experience, and multiple qualitative or quantitative criteria. Once the weights obtained from pairwise comparisons in each level of the hierarchy are synthesized with reference to the decision objective, a rationally-determined portfolio emerges through the correspondingly prioritized allocation of equities over a given wealth. Our decision framework offers a flexible and readily applicable addition to the financial practitioner's menu of equity selection techniques, and suggests fruitful extensions to optimize the use of knowledge under bounded rationality and to other areas of asset investment. © 2009 Lavoisier, Paris.
Persistent Identifierhttp://hdl.handle.net/10722/177785
ISSN
2015 SCImago Journal Rankings: 0.272
References

 

DC FieldValueLanguage
dc.contributor.authorCheung, MTen_US
dc.contributor.authorLiao, Zen_US
dc.date.accessioned2012-12-19T09:39:54Z-
dc.date.available2012-12-19T09:39:54Z-
dc.date.issued2009en_US
dc.identifier.citationJournal Of Decision Systems, 2009, v. 18 n. 2, p. 149-163en_US
dc.identifier.issn1246-0125en_US
dc.identifier.urihttp://hdl.handle.net/10722/177785-
dc.description.abstractA decision framework based on the Analytic Hierarchy Process is presented to evaluate and select equity portfolios under a given investment horizon. It is shown that a hierarchical structure can readily accommodate the complexity and information-computation constraints of this decision problem in real-world stock markets, ranging from a manydimensional investment environment, diverse asset characteristics, individual preferences, perceptions, judgments, expectations, and experience, and multiple qualitative or quantitative criteria. Once the weights obtained from pairwise comparisons in each level of the hierarchy are synthesized with reference to the decision objective, a rationally-determined portfolio emerges through the correspondingly prioritized allocation of equities over a given wealth. Our decision framework offers a flexible and readily applicable addition to the financial practitioner's menu of equity selection techniques, and suggests fruitful extensions to optimize the use of knowledge under bounded rationality and to other areas of asset investment. © 2009 Lavoisier, Paris.en_US
dc.languageengen_US
dc.relation.ispartofJournal of Decision Systemsen_US
dc.subjectBehavioral-Judgmental Perspectiveen_US
dc.subjectSystemen_US
dc.titleInvesting in real-world equity markets with an AHP-based decision frameworken_US
dc.typeArticleen_US
dc.identifier.emailCheung, MT: tmcheung@hkucc.hku.hken_US
dc.identifier.authorityCheung, MT=rp01054en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.3166/jds.18.149-163en_US
dc.identifier.scopuseid_2-s2.0-79952210429en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-79952210429&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume18en_US
dc.identifier.issue2en_US
dc.identifier.spage149en_US
dc.identifier.epage163en_US
dc.publisher.placeFranceen_US
dc.identifier.scopusauthoridCheung, MT=7201897422en_US
dc.identifier.scopusauthoridLiao, Z=7203032568en_US

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