Luk Van Wassenhove
Emeritus Professor of Technology and Operations Management
Marc Le Menestrel
Affiliate Professor of Decision Sciences
Modeling; Maximization principle; Ethics; Sustainability; Bias; Threshold; Measurement error; Sustainable procurement; Precautionary principle; Renewable electricity; Corporate Governance; Auditing, Risk Control and Performance;
The maximization of an objective function is a cornerstone of OR/MS modeling. How can we integrate subjective values within these models without weakening their scientific objectivity? This paper proposes a methodological answer that maintains the objective function and relaxes the maximization principle.The authors introduce a class of biased models that combine an objective function with a “subjective” factor that biases the maximization of such a function. The authors present the main properties of these models as well as the axiomatic foundations that allow for the rigorous measurement of biasing factors.The authors invite OR/MS scholars to participate in the development of practical applications integrating ethical and sustainability values.