The Economy of the Belgian Regions Tested with MULTIMOORA
The Economy of the Belgian Regions Tested with MULTIMOORA

Summary/Abstract: The definition of robustness in econometrics, the error term in a linear equation, was not only broadened, but in addition moved to the meaning of common language: from a cardinal to a qualitative one. At that moment the most robust Multi-Objective Optimization Method has to fulfill seven essential conditions. In addition, considering all stakeholders involved, the choice of the objectives is non-subjective with the assistance of the Ameliorated Nominal Group Technique and the Delphi method. Outside Normalization is not necessary by the use of a Full Multiplicative Form or of MOORA (Multi-Objective Optimization by Ratio Analysis). This last one is composed of ratio analysis “senso stricto” and of the Reference Point Method with the previously obtained ratios as a starting point. Combining the three methods in MULTIMOORA a full guarantee for robustness in Multiple Objectives Optimization is offered. This interpretation is tested by an application to the Economy of the Belgian Regions.

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