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Issue title: Multicriteria Decision Making in Finance

Call for papers:

The Journal of the Operational Research Society will publish a special issue dedicated to “Multiple Criteria Decision Making in Finance”.

Multiple Criteria Decision Making (MCDM) includes a group of Operational Research methods pursuing making choices in the presence of multiple criteria, goals or objectives. MCDM started to emerge in the 1950’ and since then it has experienced a growing development. According to many authors Multiple Criteria Decision Making is divided into multi-objective decision making (MODM) and multi-attribute decision making (MADM). While MODM is related to problems in which the decision space is continuous, MADM is devoted to problems with discrete decision spaces. Among continuous methods the most popular are Goal Programming, Compromise Programming and different aspiration-based models. Discrete models include weighting and ranking methods as for example, Multi-attribute Value Theory (MAVT), Multi-attribute Utility Theory (MAUT) or the Analytical Hierarchy Process (AHP).

MCDM draws upon knowledge in many fields including: Mathematics, Behavioral Decision Theory, Economics and Information Systems. At its beginning multiple criteria tools did not seem convincing to those educated in the traditional paradigm, but years later the usefulness of these tools are undeniable. This intruding and welcome perception of their importance has caused a change in the decision-making map as well as in the optimization methods. For centuries, mathematicians have been interested in optimizing a single variable under several constraints. This problem, elegantly solved by Lagrange in the eighteenth century, has a unique criterion character. Classical financial theory has usually assumed this unique criterion. However, and although models based on a unique criteria have been fertile in the past and are helpful for managers today, financial decision making is in its nature a multiple criteria decision making problem trying to balance different conflicting objectives.

The objective of this special issue is to bring together recent challenges and developments with regards to this field presenting attractive and new methodological contributions and real applications of MCDM in Finance. Some of the topics of interest are

  • Multi-attribute portfolio selection
  • Multi-criteria decision aid in finance
  • Multiple objective programming in finance
  • Stochastic programming in finance
  • Fuzziness and uncertainty in finance
  • Financial planning and financial engineering
  • Option pricing
  • Portfolio analysis
  • Asset and liability management
  • Financial economics
  • Interest rate models
  • Bank management
  • Capital budgeting
  • Finance applications
  • Corporate governance
  • Insurance applications
  • Auditing, accounting, insurance, and pension fund management
  • All other topics in relation to financial decision sciences

Submission information Deadline for Full Paper Submission: 15 October 2016

Editorial information:

Guest Editor: Blanca Pérez-Gladish, University of Oviedo (

Guest Editor: Carlos Romero, Universidad Politécnica de Madrid (

Although this special issue will include a selection of best papers presented at The International Conference on Multidimensional Finance, Insurance and Investment, ICMFII’2016, which will be held on June 26-29, 2016 at the Campus d’Alcoi of the Universitat Politècnica de València (Spain) this Call for Papers is also open to the entire community of academics and practitioners.

Each paper will be peer-reviewed according to the editorial policy of the journal (please visit

Papers should be original, unpublished, and not currently under consideration for publication elsewhere. They should be prepared according to the instructions to authors that can be found in the journal homepage. Authors should upload their contributions using the submission site, indicating in their cover letter that the paper is intended for this special issue. The deadline for submissions is October 15, 2016. Other inquiries should be sent directly to Blanca Pérez-Gladish ( clearly indicating in the subject “Special issue in JORS”.

Details and Submission page:  (select special issue “Multiple Criteria Decision Making in Finance”)

Journal key indicators:

Impact Factor: 0.953 (2014), Journal Citation Reports®, Thomson Reuters

The journal is abstracted and indexed by ABI/INFORM, Compendex, Current Contents/Engineering, Computing & Technology, Current Contents/Social & Behavioural Sciences, Inspec, International Abstracts in Operations Research, Science Citation Index, Social Sciences Citation Index, Scopus, and Zentralblatt MATH.
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