When dealing with many-criteria decision making and many-objectives optimization problems the concepts of Pareto optimality and Pareto-dominance are inefficient in modelling and simulating human decision making. Different fuzzy-based definitions of optimality and dominated solution are introduced and tested on analytical test cases in order to show their validity and closeness to human decision...

Pareto optimality is someway ineffective for optimization problems with several (more than three) objectives. In fact the Pareto optimal set tends to become a wide portion of the whole design domain search space with the increasing of the numbers of objectives. Consequently, little or no help is given to the human decision maker. Here we use fuzzy logic to give two new definitions of optimality...

Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimality. Our characterization also subsumes equilibria with a PAYG social security system. In a competitive equilibrium i...