The number and field of researches on the application of Multi-Indicator Comprehensive Evaluation (MICE) are increasing. It is important to reflect on the understanding of the MICE method systematically and the issues implied behind it. This paper compares the core concepts and methodological elements of the three papers that systematically study the MICE method. It is found that the views of the three papers on the core issue are consistent and mutually supportive, but there are differences in the step division and sequence of the evaluation content. In addition, this paper considers the historical status of the MICE and holds that the key to solving the quality of weight lies in the "equivalent conversion" problem in the MICE. Taking the Human Development Index as an example, this paper illustrates the absoluteness of the "equivalent conversion" relationship. In addition, there are multiple processing methods for the MICE from the spatial dimension and multiple evaluation results accordingly, therefore, the results of the MICE need to be used carefully. Finally, based on the systematic summary and reflection of the MICE method, three suggestions are given for the application of the MICE method.
Citation: Dong Qiu, Tingyi Liu. Multi-indicator comprehensive evaluation: reflection on methodology[J]. Data Science in Finance and Economics, 2021, 1(4): 298-312. doi: 10.3934/DSFE.2021016
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The number and field of researches on the application of Multi-Indicator Comprehensive Evaluation (MICE) are increasing. It is important to reflect on the understanding of the MICE method systematically and the issues implied behind it. This paper compares the core concepts and methodological elements of the three papers that systematically study the MICE method. It is found that the views of the three papers on the core issue are consistent and mutually supportive, but there are differences in the step division and sequence of the evaluation content. In addition, this paper considers the historical status of the MICE and holds that the key to solving the quality of weight lies in the "equivalent conversion" problem in the MICE. Taking the Human Development Index as an example, this paper illustrates the absoluteness of the "equivalent conversion" relationship. In addition, there are multiple processing methods for the MICE from the spatial dimension and multiple evaluation results accordingly, therefore, the results of the MICE need to be used carefully. Finally, based on the systematic summary and reflection of the MICE method, three suggestions are given for the application of the MICE method.
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Dong Qiu, Tingyi Liu. Multi-indicator comprehensive evaluation: reflection on methodology[J]. Data Science in Finance and Economics, 2021, 1(4): 298-312. doi: 10.3934/DSFE.2021016
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