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Amelia Bilbao Terol
Department of Quantitative Economics University of Oviedo Oviedo Asturias 33003 Spain

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Journal article
Published: 01 June 2021 in European Journal of Operational Research
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In multi-objective optimization models, it is common that the decision maker expresses the relative importance of objectives through a weighting scheme. However, many solving techniques do not assure that the corresponding solution fits the preferential weights. It could be the case that an objective with a very low weight achieves a good value, whereas another with a high weight yields a very poor achievement. In order to overcome the aforementioned drawback, this paper proposes a new resolution method based on the well-known Reference Point Method. The methodology consists in generating a sequence of Reference Point Method models which share the same reference point fixed at the vector of preferential weights. In the iterative process, the projection direction on the Pareto frontier changes in each iteration according to the deviations between the preferential weights and the current normalised objective values. In this way, a sequence of Pareto-efficient solutions is generated which converges towards a solution that best fits the decision maker's preferential weights. The proposed method is illustrated by means of a numerical example. In order to show its feasibility and usefulness, the methodology is applied to a portfolio selection problem where the corporate sustainability performance of each firm is taken into account.

ACS Style

Mariano Jiménez; Amelia Bilbao-Terol; Mar Arenas-Parra. Incorporating preferential weights as a benchmark into a Sequential Reference Point Method. European Journal of Operational Research 2021, 291, 575 -585.

AMA Style

Mariano Jiménez, Amelia Bilbao-Terol, Mar Arenas-Parra. Incorporating preferential weights as a benchmark into a Sequential Reference Point Method. European Journal of Operational Research. 2021; 291 (2):575-585.

Chicago/Turabian Style

Mariano Jiménez; Amelia Bilbao-Terol; Mar Arenas-Parra. 2021. "Incorporating preferential weights as a benchmark into a Sequential Reference Point Method." European Journal of Operational Research 291, no. 2: 575-585.

Article
Published: 05 April 2021 in International Transactions in Operational Research
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This paper presents an application of data envelopment analysis (DEA) based approaches to assess the relative financial and nonfinancial efficiency of mutual funds (MFs). Our approach measures corporate sustainability (CS) of the MFs from the rating process carried out by social agencies on the constituent firms. We have modified the raw scores of the firms invested in by the MFs in order to overcome the compensatory effect when the MFs invested in both “good” and “bad” firms. For this purpose, we have used prospect theory in such a manner that the original scores awarded to the firms are modified by applying a value function. Three extensions of Branda's model are formulated. The first model measures financial efficiency, the second model measures CS efficiency and is an output‐oriented DEA model, and, the third is a DEA model for measuring overall efficiency of the MFs. In the last step of the proposed methodology, the set of overall‐efficient MFs is ranked applying technique for order of preference by similarity to ideal solution to the two DEA scores corresponding to the two partial DEA models. The risk and return measures have been chosen so that the proposed models are consistent with the second‐order stochastic dominance relation. Therefore, under a finite number of equiprobable scenarios for the rates of return, a set of conditional value at risk for several confidence levels are used as inputs of the models that consider the financial performance. The proposed approach is illustrated with real data on a set of 144 French MFs, 31 marketed as socially responsible investment MFs.

ACS Style

Amelia Bilbao‐Terol; Mar Arenas‐Parra. Measuring the overall efficiency of SRI and conventional mutual funds by a diversification‐consistent DEA model. International Transactions in Operational Research 2021, 1 .

AMA Style

Amelia Bilbao‐Terol, Mar Arenas‐Parra. Measuring the overall efficiency of SRI and conventional mutual funds by a diversification‐consistent DEA model. International Transactions in Operational Research. 2021; ():1.

Chicago/Turabian Style

Amelia Bilbao‐Terol; Mar Arenas‐Parra. 2021. "Measuring the overall efficiency of SRI and conventional mutual funds by a diversification‐consistent DEA model." International Transactions in Operational Research , no. : 1.

Journal article
Published: 07 July 2020 in Sustainability
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This article contributes to the debate about whether the investment in tourism sustainability is economically profitable for firms. Specifically, using cross-sectional analysis, we explore the existence of a causal link between the possession of a voluntary sustainable certification, Eco-Management and Audit Scheme (EMAS), and the increase in the prices of hotel accommodation. For this, the hedonic price method is used. Prior to the hedonic estimation, the propensity score-matching methodology is applied in order to control for self-selection bias. The analysis is carried out for coastal hotels located in the southern area of Tenerife (Canary Islands, Spain) which merits attention as a typical mature sun and beach tourist destination. The study does not reveal any significant effects of sustainable certification on the prices of accommodations, which would appear to explain the low participation of establishments in the program. We conclude by providing some useful insights on measures aimed at improving related policies.

ACS Style

Amelia Bilbao-Terol; Celia Bilbao-Terol. Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification. Sustainability 2020, 12, 5465 .

AMA Style

Amelia Bilbao-Terol, Celia Bilbao-Terol. Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification. Sustainability. 2020; 12 (13):5465.

Chicago/Turabian Style

Amelia Bilbao-Terol; Celia Bilbao-Terol. 2020. "Measuring the Economic Impact of a Voluntary Sustainable Tourism Certification." Sustainability 12, no. 13: 5465.

Journal article
Published: 11 February 2019 in Management Decision
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Purpose Corporate social responsibility (CSR) rating agencies have arisen with the aim of providing external and reliable information about business behaviour. The purpose of this paper is to present a multi-criteria methodology for integrating CSR valuations with the financial performance of companies in a unique measure of global sustainability performance. Design/methodology/approach The authors present a hybrid TOPSIS methodology on transformed scores of both the CSR valuations and the financial ratios. The “attribute-specific evaluation” approach into Multi-attribute Prospect Theory (PT) has been applied and the Design of Experiments (DoE) is used with the TOPSIS value of the firm as the response variable. Findings The proposal has been applied to 118 companies evaluated by Vigeo and Covalence CSR agencies. The authors also have considered five financial ratios of the companies in order to assess their financial performance. Consistent aggregation for firms has been achieved. Relationships between the different rankings, both those of Vigeo and Covalence and the ones constructed in this research, have been analysed. All top 10 Global sustainable firms rank among the top 10 positions in at least one of the remaining rankings. The results show that Vigeo and Covalence provide different information about the CSR behaviour of the companies. Research limitations/implications Another interesting question is to study the discrepancies between Vigeo and Covalence, for example, in which areas there is the greatest divergence between the two agencies and what could be the reasons for this. Practical implications The results of this research could be of interest for both investors who want a global picture of companies in their selection process and stakeholders concerned with CSR issues who want to take advantage of different CSR ratings. Originality/value The application of PT softens the compensatory behaviour of the classical TOPSIS that may prove unsuitable for social evaluation. The DoE allows the aggregation of the weight sets from various decision markers. The combined methodology facilitates the scoring of new firms and the rank reversal problem can be mitigated with this methodology.

ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Susana Alvarez-Otero; Verónica Cañal-Fernández. Integrating corporate social responsibility and financial performance. Management Decision 2019, 57, 324 -348.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Susana Alvarez-Otero, Verónica Cañal-Fernández. Integrating corporate social responsibility and financial performance. Management Decision. 2019; 57 (2):324-348.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Susana Alvarez-Otero; Verónica Cañal-Fernández. 2019. "Integrating corporate social responsibility and financial performance." Management Decision 57, no. 2: 324-348.

Chapter
Published: 01 March 2018 in Studies in Systems, Decision and Control
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The aim of this paper is to construct a support decision-making system for portfolio selection combining financial and sustainable objectives. The model we propose allows us to obtain a socially responsible portfolio which tracks the portfolio that an investor could have chosen if she did not take into account social, ethical and ecological (SEE) considerations in her investment decisions. For this purpose, we propose a fuzzy multi-criteria model that runs on two levels of decision-making: in the first stage, the preferred portfolio considering only financial objectives is obtained. In the second stage, we will use the preferred portfolio as a reference point with respect the financial behavior and then a socially responsible portfolio is obtained. In this paper linguistic labels have been used to model the parameters of the value function proposed by Kahneman and Tversky (Econometrica XVL(II):263–291, [10]). These linguistic labels determine in a “soft” way the loss and risk aversion. The developed methodology has been applied to eight Spanish companies, which have been selected for their relevance in the Spanish stock market.

ACS Style

Amelia Bilbao-Terol; Mariano Jiménez-López; Mar Arenas-Parra; M. Victoria Rodríguez-Uría. Fuzzy Multi-criteria Support for Sustainable and Social Responsible Investments: The Case of Investors with Loss Aversion. Studies in Systems, Decision and Control 2018, 555 -564.

AMA Style

Amelia Bilbao-Terol, Mariano Jiménez-López, Mar Arenas-Parra, M. Victoria Rodríguez-Uría. Fuzzy Multi-criteria Support for Sustainable and Social Responsible Investments: The Case of Investors with Loss Aversion. Studies in Systems, Decision and Control. 2018; ():555-564.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mariano Jiménez-López; Mar Arenas-Parra; M. Victoria Rodríguez-Uría. 2018. "Fuzzy Multi-criteria Support for Sustainable and Social Responsible Investments: The Case of Investors with Loss Aversion." Studies in Systems, Decision and Control , no. : 555-564.

Journal article
Published: 17 December 2017 in Journal of the Operational Research Society
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The aim of this paper is to construct a support decision-making system to evaluate the different items of corporate social responsibility. For this purpose, we propose a multi-criteria model that runs on two levels of decision-making in accordance with the hierarchical structure designed by the Global Reporting Initiative (GRI). Tools for modelling preferences and aggregating information are used in this framework. Arrays of normalized scores reflecting the company performance in the Aspects and Categories of GRI are then made available for the stakeholders. The design of investment portfolios uses the obtained measures of sustainability in an Extended Goal Programming model that combines financial and sustainability objectives. The proposal enables more informed decision-making for investors with social concerns that prefer direct investment and wish to make their own financial decisions. The developed methodology has been applied to 8 Spanish companies, which have been selected for their relevance in the Spanish stock market.

ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández; Pablo Nguema Obam-Eyang. Multi-criteria analysis of the GRI sustainability reports: an application to Socially Responsible Investment. Journal of the Operational Research Society 2017, 69, 1576 -1598.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Verónica Cañal-Fernández, Pablo Nguema Obam-Eyang. Multi-criteria analysis of the GRI sustainability reports: an application to Socially Responsible Investment. Journal of the Operational Research Society. 2017; 69 (10):1576-1598.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández; Pablo Nguema Obam-Eyang. 2017. "Multi-criteria analysis of the GRI sustainability reports: an application to Socially Responsible Investment." Journal of the Operational Research Society 69, no. 10: 1576-1598.

Original paper
Published: 16 December 2017 in Operational Research
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Competitiveness and sustainability are multidimensional concepts that are often measured using multiple indicators. In this paper, we are going to measure sustainable competiveness using a unique index. To do this, we work with the European Regional Competitiveness Index (RCI), which provides an overall but summarised view of territorial competitiveness for each of the NUTS 2 (Nomenclature of Units for Territorial Statistics) regions of the 28 European Union Member States. Although the RCI is a complete competitiveness index, it presents some limitations, as it does not take into account any aspect of an environmental character. In order to assess the sustainability of the NUTS 2 regions, several environmental indicators have been added to the RCI (emission of CO2, waste generated per capita, environmental investment of the public and private sector, among others). The Technique for Order Preference by Similarity to Ideal Solution permits aggregating these indicators to a new unified measurement of the regional sustainable competitiveness, the European Regional Sustainability Competitiveness Index, henceforth RSCI.

ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Vitali Onopko-Onopko. Measuring regional sustainable competitiveness: a multi-criteria approach. Operational Research 2017, 19, 637 -660.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Vitali Onopko-Onopko. Measuring regional sustainable competitiveness: a multi-criteria approach. Operational Research. 2017; 19 (3):637-660.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Vitali Onopko-Onopko. 2017. "Measuring regional sustainable competitiveness: a multi-criteria approach." Operational Research 19, no. 3: 637-660.

Journal article
Published: 22 September 2017 in Sustainability
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This study analyses the impacts of environmental amenities associated with agricultural and silvicultural land use on the price of rural tourism accommodation in Asturias (Spain). A hedonic price model that relates the price of rural accommodation to environmental amenities as well as equipment, services offered, and the locational characteristics of the accommodation is estimated. The rural accommodations in the study are the self-catering cottages, the intrinsic features of which promote the development of rural tourism sustainability. Geographic information systems (GIS) data are used to measure the location and the proximity to amenities of these self-catering cottages. The main results indicate that agricultural land use has an important impact on the price of accommodation in self-catering cottages. Specifically, a high percentage of grassland in the municipality where the self-catering cottage is sited has a positive effect on rental prices, while a high percentage of arable crops has the opposite effect. The analysis is interesting for decision-making in the context of environmental policies, land use conflict resolution, and rural tourism sustainability.

ACS Style

Celia Bilbao-Terol; Verónica Cañal-Fernández; Luis Valdés; Eduardo Del Valle. Rural Tourism Accommodation Prices by Land Use-Based Hedonic Approach: First Results from the Case Study of the Self-Catering Cottages in Asturias. Sustainability 2017, 9, 1688 .

AMA Style

Celia Bilbao-Terol, Verónica Cañal-Fernández, Luis Valdés, Eduardo Del Valle. Rural Tourism Accommodation Prices by Land Use-Based Hedonic Approach: First Results from the Case Study of the Self-Catering Cottages in Asturias. Sustainability. 2017; 9 (10):1688.

Chicago/Turabian Style

Celia Bilbao-Terol; Verónica Cañal-Fernández; Luis Valdés; Eduardo Del Valle. 2017. "Rural Tourism Accommodation Prices by Land Use-Based Hedonic Approach: First Results from the Case Study of the Self-Catering Cottages in Asturias." Sustainability 9, no. 10: 1688.

Journal article
Published: 01 July 2017 in International Review of Financial Analysis
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ACS Style

Amelia Bilbao-Terol; Susana Álvarez-Otero; Verónica Cañal-Fernández. Hedonic evaluation of the SRI label of mutual funds using matching methodology. International Review of Financial Analysis 2017, 52, 213 -227.

AMA Style

Amelia Bilbao-Terol, Susana Álvarez-Otero, Verónica Cañal-Fernández. Hedonic evaluation of the SRI label of mutual funds using matching methodology. International Review of Financial Analysis. 2017; 52 ():213-227.

Chicago/Turabian Style

Amelia Bilbao-Terol; Susana Álvarez-Otero; Verónica Cañal-Fernández. 2017. "Hedonic evaluation of the SRI label of mutual funds using matching methodology." International Review of Financial Analysis 52, no. : 213-227.

Journal article
Published: 26 April 2017 in International Transactions in Operational Research
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For many fuzzy goal programming (GP) approaches, in order to build the membership functions of fuzzy aspiration levels, a tolerance threshold for each one of them should be determined. In this paper, we address the case in which the decision maker proposes incompatible thresholds, which could lead to an infeasible problem. We propose an alternative algebraic formulation of the membership functions, which allows us to formulate models capable of providing solutions, although some tolerance thresholds are surpassed. The objective values that do not violate their corresponding threshold are evaluated positively according to the degree of achievement to their fuzzy target, and in turn those who violate the threshold are penalized according to their unwanted deviation with respect to the threshold. Thus, our model jointly uses the fuzzy GP approach and the standard GP approach, which also allows incorporating fuzzy and crisp targets into the same problem. The proposed procedure is applied to socially responsible portfolio selection problems.

ACS Style

Mariano Jiménez; Amelia Bilbao-Terol; Mar Arenas-Parra. A model for solving incompatible fuzzy goal programming: an application to portfolio selection. International Transactions in Operational Research 2017, 25, 887 -912.

AMA Style

Mariano Jiménez, Amelia Bilbao-Terol, Mar Arenas-Parra. A model for solving incompatible fuzzy goal programming: an application to portfolio selection. International Transactions in Operational Research. 2017; 25 (3):887-912.

Chicago/Turabian Style

Mariano Jiménez; Amelia Bilbao-Terol; Mar Arenas-Parra. 2017. "A model for solving incompatible fuzzy goal programming: an application to portfolio selection." International Transactions in Operational Research 25, no. 3: 887-912.

Journal article
Published: 01 October 2016 in Journal of the Operational Research Society
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Sustainable and responsible (SR) investors have to address two criteria types: both financial ones and those pertaining to sustainability and social responsibility. We present a comfortable tool for SR investors that allow them to express their preferences at two levels: first, by comparing criteria of the same nature, and second, via the comparison between the two superior level criteria (the financial and the SR objectives). Owing to the difficulty involved in determining a precise preference between the conflicting objectives, we address this by goal programming with fuzzy hierarchies (GPFH) modelling. This methodology is a modification of the lexicographic GP approach whereby the relative importance relations among the criteria are modelled by fuzzy relations. The proposed sequential handling for the SR portfolios selection provides information to the investors on the best result they can achieve in regard to their goals. An application to a set of UK-SR mutual funds is presented. goal programming with fuzzy hierarchies; socially responsible investment fund; portfolio selection; fuzzy sets Approximation of the efficient frontier. Linguistic labels to express the importance of the characteristics. Crisp score for the fund i. Already a subscriber? Log in now or Register for online access. Members of the Operational Research Society receive access to Journal of the Operational Research Society as part of their membership. Access is available through the Operational Research Society web site.

ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández; Mariano Jiménez. A sequential goal programming model with fuzzy hierarchies to sustainable and responsible portfolio selection problem. Journal of the Operational Research Society 2016, 67, 1259 -1273.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Verónica Cañal-Fernández, Mariano Jiménez. A sequential goal programming model with fuzzy hierarchies to sustainable and responsible portfolio selection problem. Journal of the Operational Research Society. 2016; 67 (10):1259-1273.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández; Mariano Jiménez. 2016. "A sequential goal programming model with fuzzy hierarchies to sustainable and responsible portfolio selection problem." Journal of the Operational Research Society 67, no. 10: 1259-1273.

Original articles
Published: 22 January 2016 in Applied Economics
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In recent years, quality labels for the Spanish tourism sector have been developed as part of a competitive strategy focused on the differentiation of the product. Given this development, it is interesting to analyse the profitability of quality labels for the accommodation owners and managers. In particular, this article calculates the profitability of a rural tourism quality label. Through the use of the hedonic price approach, the market valuation of the quality label for rural self-catering cottages is obtained. This valuation is subsequently compared with the expenses incurred by establishments in achieving the quality label. In order to address the usual methodological problems associated with the endogeneity, prior to application of the hedonic approach, the propensity score matching is used. The results indicate that possessing a quality label has a positive impact on the profitability of rural tourism.

ACS Style

Celia Bilbao; Luis Valdés. Evaluation of the profitability of quality labels in rural tourism accommodation: a hedonic approach using propensity score matching. Applied Economics 2016, 48, 3253 -3263.

AMA Style

Celia Bilbao, Luis Valdés. Evaluation of the profitability of quality labels in rural tourism accommodation: a hedonic approach using propensity score matching. Applied Economics. 2016; 48 (34):3253-3263.

Chicago/Turabian Style

Celia Bilbao; Luis Valdés. 2016. "Evaluation of the profitability of quality labels in rural tourism accommodation: a hedonic approach using propensity score matching." Applied Economics 48, no. 34: 3253-3263.

Journal article
Published: 01 January 2016 in Revista de Contabilidad
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ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández. A model based on Copula Theory for sustainable and social responsible investments. Revista de Contabilidad 2016, 19, 55 -76.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Verónica Cañal-Fernández. A model based on Copula Theory for sustainable and social responsible investments. Revista de Contabilidad. 2016; 19 (1):55-76.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández. 2016. "A model based on Copula Theory for sustainable and social responsible investments." Revista de Contabilidad 19, no. 1: 55-76.

Journal article
Published: 31 July 2015 in Annals of Operations Research
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The current economic crisis fuels the financial social responsibility after an epoch of many excesses with damaging effects. This work tackles two emerging streams in the financial literature: the behavioral portfolio theory with mental accounting and the socially responsible investment (SRI). Promoting SRI is regarded by a lot of financial experts, policymakers and researchers from the field of economic and social sciences, as one of the potential solutions in order to avoid future crises. Therefore, new models for this investment approach are necessary. We try to support the class of investors that select their investments under a mental accounting framework and also they want to achieve a certain level of SR quality in their portfolios. In order to reconcile the two choice frames, avoiding unnecessary sacrifices in financial performance, we have designed a model based on goal programming that integrates the two cornerstones of the investor. Furthermore, we propose a fuzzy inference system to determine the amount of money allocated to each mental account as well as the confidence level assigned to each mental account. This tool is based on expert knowledge modeled by fuzzy if–then rules.

ACS Style

Celia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández. Multi-criteria decision making for choosing socially responsible investment within a behavioral portfolio theory framework: a new way of investing into a crisis environment. Annals of Operations Research 2015, 247, 549 -580.

AMA Style

Celia Bilbao-Terol, Mar Arenas-Parra, Verónica Cañal-Fernández. Multi-criteria decision making for choosing socially responsible investment within a behavioral portfolio theory framework: a new way of investing into a crisis environment. Annals of Operations Research. 2015; 247 (2):549-580.

Chicago/Turabian Style

Celia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández. 2015. "Multi-criteria decision making for choosing socially responsible investment within a behavioral portfolio theory framework: a new way of investing into a crisis environment." Annals of Operations Research 247, no. 2: 549-580.

Journal article
Published: 22 March 2015 in Soft Computing
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This paper proposes a pragmatic model for multi-objective decision-making processes involving clusters of objectives which have a decisional meaning for the decision maker (DM). We provide the DMs with a comfortable tool that allows them to express their preferences both by comparing criteria of the same cluster and via the comparison between the different clusters. In standard goal programming the importance of the goals is modeled by the introduction of preferential weights or/and the incorporation of pre-emptive priorities. However, in many cases the DM is not able to establish a precise preference structure. Even in the case of precise weights the solution does not match necessarily the relative weights or, in the case of precise pre-emptive priority, the result could be very restrictive. In order to overcome these drawbacks, in this paper the normalized unwanted deviations are interpreted in terms of achievement degrees of the goals and fuzzy relations are used to model the relative importance of the goals. Thus, we show how several methodologies from the fuzzy goal programming literature can be tailored for solving standard GP problems. We apply this new modeling to problems where there is a “natural” clustering between goals of the same class. We address this situation by solving two phases; in the first one each class is handled separately taking into account the hierarchy of their goals and, in the second phase, we integrate the results of the first phase and the imprecise hierarchy of the different classes. We formulate a new goal programming model called as sequential goal programming with fuzzy hierarchy model. Because many real situations involve decision making in this environment, our proposal can be a useful tool of broad application. A numerical example illustrates the methodology.

ACS Style

Mar Arenas-Parra; Amelia Bilbao-Terol; Mariano Jiménez. Standard goal programming with fuzzy hierarchies: a sequential approach. Soft Computing 2015, 20, 2341 -2352.

AMA Style

Mar Arenas-Parra, Amelia Bilbao-Terol, Mariano Jiménez. Standard goal programming with fuzzy hierarchies: a sequential approach. Soft Computing. 2015; 20 (6):2341-2352.

Chicago/Turabian Style

Mar Arenas-Parra; Amelia Bilbao-Terol; Mariano Jiménez. 2015. "Standard goal programming with fuzzy hierarchies: a sequential approach." Soft Computing 20, no. 6: 2341-2352.

Journal article
Published: 01 December 2014 in Omega
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ACS Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández; José Antomil-Ibias. Using TOPSIS for assessing the sustainability of government bond funds. Omega 2014, 49, 1 -17.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Verónica Cañal-Fernández, José Antomil-Ibias. Using TOPSIS for assessing the sustainability of government bond funds. Omega. 2014; 49 ():1-17.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández; José Antomil-Ibias. 2014. "Using TOPSIS for assessing the sustainability of government bond funds." Omega 49, no. : 1-17.

Original article
Published: 26 June 2014 in Business Ethics: A European Review
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The aim of this paper is to calculate the market valuation of non‐financial characteristics, namely, the social responsibility criteria (social, ethical and environmental) included in the Spanish Socially Responsible Investment Funds. The hedonic price method is applied for this purpose. This method relates the price of Socially Responsible Investment Funds with both financial and social responsibility characteristics. Because of the large number of social responsibility characteristics included in these funds, prior to application of the hedonic price method, the principal components factor analysis technique is used. The data are taken from the prospectus for each fund and from the data provided by the National Securities Market Commission. Results indicate that the Spanish market is sensitive to the social responsibility practices of companies. In particular, the market value practices related to environmental sustainability, the enforcement of labour rights, sustainable production and consumption and non‐abusive market practices.

ACS Style

Celia Bilbao-Terol; Verónica Cañal-Fernández. The market valuation of ethical assets in Spain: an application of the hedonic pricing method. Business Ethics: A European Review 2014, 23, 343 -363.

AMA Style

Celia Bilbao-Terol, Verónica Cañal-Fernández. The market valuation of ethical assets in Spain: an application of the hedonic pricing method. Business Ethics: A European Review. 2014; 23 (4):343-363.

Chicago/Turabian Style

Celia Bilbao-Terol; Verónica Cañal-Fernández. 2014. "The market valuation of ethical assets in Spain: an application of the hedonic pricing method." Business Ethics: A European Review 23, no. 4: 343-363.

Journal article
Published: 25 May 2014 in Annals of Operations Research
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In this paper a multi-criteria group decision making model is presented in which there is a heterogeneity among the decision makers due to their different expertise and/or their different level of political control. The relative importance of the decision makers in the group is handled in a soft manner using fuzzy relations. We suppose that each decision maker has his/her preferred solution, obtained by applying any of the techniques of distance-based multi-objective programming [compromise, goal programming (GP), goal programming with fuzzy hierarchy, etc.]. These solutions are used as aspiration levels in a group GP model in which the differences between the unwanted deviations are interpreted in terms of the degree of achievement of the relative importance amongst the group members. In this way, a group GP model with fuzzy hierarchy (Group-GPFH) is constructed. The solution for this model is proposed as a collective decision. To show the applicability of our proposal, a regional forest planning problem is addressed. The objective is to determine tree species composition in order to improve the values achieved by Pan-European indicators for sustainable forest management. This problem involves stakeholders with competing interests and different preference schemes for the aforementioned indicators. The application of our proposal to this problem allows us to be able to comfortably address all these issues. The results obtained are consistent with the preferences of each stakeholder and their hierarchy within the group.

ACS Style

Amelia Bilbao-Terol; Mariano Jiménez; Mar Arenas-Parra. A group decision making model based on goal programming with fuzzy hierarchy: an application to regional forest planning. Annals of Operations Research 2014, 245, 137 -162.

AMA Style

Amelia Bilbao-Terol, Mariano Jiménez, Mar Arenas-Parra. A group decision making model based on goal programming with fuzzy hierarchy: an application to regional forest planning. Annals of Operations Research. 2014; 245 (1):137-162.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mariano Jiménez; Mar Arenas-Parra. 2014. "A group decision making model based on goal programming with fuzzy hierarchy: an application to regional forest planning." Annals of Operations Research 245, no. 1: 137-162.

Original articles
Published: 01 May 2013 in Applied Economics Letters
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The aim of this article is to calculate the market valuation of quality characteristics and locational attributes of private secondary school in Spain. In order to achieve this, a hedonic price regression is estimated. The quality characteristics of a school appear to be important determinants of tuition in Spain.

ACS Style

Celia Bilbao-Terol; Verónica Cañal-Fernández. The price of secondary school quality: a hedonic approach. Applied Economics Letters 2013, 20, 706 -709.

AMA Style

Celia Bilbao-Terol, Verónica Cañal-Fernández. The price of secondary school quality: a hedonic approach. Applied Economics Letters. 2013; 20 (7):706-709.

Chicago/Turabian Style

Celia Bilbao-Terol; Verónica Cañal-Fernández. 2013. "The price of secondary school quality: a hedonic approach." Applied Economics Letters 20, no. 7: 706-709.

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Published: 01 September 2012 in Expert Systems with Applications
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Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández. A fuzzy multi-objective approach for sustainable investments. Expert Systems with Applications 2012, 39, 10904 -10915.

AMA Style

Amelia Bilbao-Terol, Mar Arenas-Parra, Verónica Cañal-Fernández. A fuzzy multi-objective approach for sustainable investments. Expert Systems with Applications. 2012; 39 (12):10904-10915.

Chicago/Turabian Style

Amelia Bilbao-Terol; Mar Arenas-Parra; Verónica Cañal-Fernández. 2012. "A fuzzy multi-objective approach for sustainable investments." Expert Systems with Applications 39, no. 12: 10904-10915.