Governance of responsible research and innovation: A social welfare, psychologically grounded multicriteria decision analysis approach

Our article deals with the governance of responsible research and innovation (RRI) and aims to set out a first psychologically grounded decision-theoretic method for the governance of RRI. We approach the governance of RRI as a multicriteria group decision analysis problem of delivering social welfare in an innovation ecosystem. Following such a methodological approach, we develop a psychologically grounded multicriteria group decision analysis method that integrates in its value function the main psychological effects captured in the value function of prospect theory as the main theory of individual decision-making under risk. The method first applies a psychologically motivated multicriteria decision analysis function that measures the welfare delivered to all stakeholders involved in a research and innovation consortium. The method then applies a social welfare function on the welfare measurements of stakeholders to propose a social welfare solution that emerges as an RRI-compliant solution for the consortium. The results are a first psychologically grounded multicriteria group decision analysis method and its first application to the governance of RRI. The implications of our results are theoretical but also practical, as our method contributes not only to the established field of multicriteria decision analysis by setting out new method but also to the field of RRI by delivering a psychologically grounded decision-theoretic method for the governance of RRI.