Multi‐criteria decision aid in financial decision making: methodologies and literature review

Over the past decades the complexity of financial decisions has increased rapidly, thus highlighting the importance of developing and implementing sophisticated and efficient quantitative analysis techniques for supporting and aiding financial decision making. Multi‐criteria decision aid (MCDA), an advanced field of operations research, provides financial decision makers (DMs) and analysts a wide range of methodologies, which are well suited to the complexity of financial decision problems. The aim of this paper is to provide an in‐depth presentation of the contributions of MCDA in the field of finance, focusing on the methods used and their real‐world applications.