Prioritising Energy Policy Alternatives in Bangladesh: A Multi‐Criteria Decision‐Making Model

ABSTRACT Energy is essential for the economic development of nations. In Bangladesh, the rapid growth in energy demand due to industrialisation and population expansion presents both challenges and opportunities for the energy sector. This paper introduces a hybrid model that integrates Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis with the Analytic Hierarchy Process (AHP) within the framework of bounded rationality. The model follows a systematic approach to evaluating and prioritising energy policy alternatives, integrating expert insights and prioritisation techniques. By applying this combined approach, the model aims to identify the most effective policies and ensure that decision‐making aligns with both immediate needs and long‐term energy goals. Five policy alternatives are assessed across four categories and 20 subnetworks, with priorities calculated using both additive and multiplicative scoring methods. The results show that certain policies consistently rank highest, while other policies shift in priority depending on the scoring method. This model has the potential to serve as a valuable tool for guiding energy policy decisions in Bangladesh and similar contexts. By adopting this hybrid framework, policymakers could enhance the efficiency of policy selection and effectively navigate the complexities of energy policymaking.