Even swaps
Trade a gain on one criterion for a loss on another until criteria become equal across options, then delete them, until one option is left.
- Time cost
- 40 min
- Output
- A shrinking table and the exchange rate used at each swap.
- Steps
- 6
Use when
- A weighted matrix has failed to separate the leaders.
- You distrust arbitrary weights but can judge concrete trades.
- Criteria are in different units and forcing them onto one scale feels false.
Do not use when
- There are more than about five options — the swapping becomes long.
- You cannot state a trade in real units, which makes each swap a guess.
Inputs required
- A consequences table in natural units
- Willingness to state what a difference is worth
Procedure
- 01
Build the table
Options down the side, criteria across, cells in natural units: pounds, minutes, square metres. No scores.
- 02
Delete dominated options
Any option worse than another on every criterion goes, with no trade required.
- 03
Pick a criterion to eliminate
Choose one where the options are close, since a small difference is easier to price honestly.
- 04
Make the swap
Ask: what change on criterion B would exactly compensate for this difference on criterion A? Apply that change to the cell. You have now moved value between columns without changing the option’s overall worth.
- 05
Delete the equal column
Once all options are equal on a criterion, that criterion cannot affect the choice. Remove it. The table shrinks by one column.
- 06
Repeat until one remains
Each round removes a column or an option. The process terminates, and it terminates on a comparison you made explicitly rather than on a weight you guessed.
Characteristic failure mode
Worked example
Two flats left after dominance: A is £1,150 with a 40-minute commute; B is £1,280 with 25 minutes.
- 01Ask directly: what would you pay to remove 15 minutes each way? Answer: about £100 a month.
- 02Swap: credit A with £100 of value, making it effectively £1,050 against B’s £1,280 at equal commute.
- 03Commute is now equal and is deleted.
Result
A wins by £230 of stated preference. The number came from one question asked once, rather than from a weight nobody could defend.
Where to go next