A prospect theory-based QUALIFLEX for uncertain linguistic Z-number multi-criteria decision-making with unknown weight information

2020 ◽  
Vol 38 (2) ◽  
pp. 1775-1787 ◽  
Author(s):  
Zhang-peng Tian ◽  
Ru-xin Nie ◽  
Jian-qiang Wang ◽  
Hanyang Luo ◽  
Lin Li
Keyword(s):  
Decision Making ◽  
Prospect Theory ◽  
Multi Criteria Decision Making

Novel Multi-criteria Decision-making Approaches Based on Hesitant Fuzzy Sets and Prospect Theory

2016 ◽  
Vol 15 (03) ◽  
pp. 621-643 ◽  
Author(s):  
Juan-Juan Peng ◽  
Jian-Qiang Wang ◽  
Xiao-Hui Wu
Keyword(s):  
Decision Making ◽  
Fuzzy Sets ◽  
Prospect Theory ◽  
Hausdorff Distance ◽  
Comparison Method ◽  
Distance Measures ◽  
Preference Ranking ◽  
Multi Criteria Decision Making ◽  
The Novel ◽  
Hesitant Fuzzy Sets

Hesitant fuzzy sets (HFSs), an extension of fuzzy sets, are considered to be useful in solving decision making problems where decision makers are unable to choose between several values when expressing their preferences. The purpose of this paper is to develop two hesitant fuzzy multi-criteria decision making (MCDM) methods based on prospect theory (PT). First, the novel component-wise ordering method for two hesitant fuzzy numbers (HFNs) is defined; however, this method does not consider the length of the two HFNs. Second, by utilizing the directed Hausdorff distance between two imprecise point sets, the generalized hesitant Hausdorff distance is developed, which overcomes the shortcomings of the existing distance measures. Third, based on the proposed comparison method and distance, as well as PT, the extended TODIM and Preference Ranking Organization Method for Enrichment Evaluations (PROMETHEE) approaches are developed in order to solve MCDM problems with hesitant fuzzy information. Finally, a practical example is provided to illustrate the pragmatism and effectiveness of the proposed approaches. Sensitivity and comparison analyses are also conducted using the same example. The findings indicate that the proposed methods do not require complicated computation procedures, yet still yield a reasonable and credible solution.

Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory

Kybernetes ◽  
2015 ◽  
Vol 44 (1) ◽  
pp. 25-42 ◽  
Author(s):  
Jianwei Gao ◽  
Huihui Liu
Keyword(s):  
Decision Making ◽  
Prospect Theory ◽  
Decision Maker ◽  
Score Function ◽  
Fuzzy Decision Making ◽  
Multi Criteria Decision Making ◽  
Content Type ◽  
Intuitionistic Fuzzy ◽  
New Criteria ◽  
Interval Valued

Purpose – The purpose of this paper is to provide a new approach to solving the interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making (MCDM) problems. Design/methodology/approach – To transform the interval-valued intuitionistic fuzzy number (IVIFN) into a computational numerical value, a new precision score (P-score) function is developed based on the degrees of membership, non-membership and hesitation. The prospect decision-making matrix is derived by applying P-score function and Prospect theory. A new criteria weighting model is put forward based on the least square method, the maximizing deviation method and Prospect theory. Consequently, combined criteria weighting model with the prospect decision-making matrix, the integrated prospect value is derived which presents a measurement scale for ranking the order of alternatives. Findings – As a result, the method of the interval-valued intuitionistic fuzzy stochastic MCDM is suggested. In this method, the new P-score function responses the comprehensive information of the criteria. The prospect decision-making matrix can reflect the risk attitude of the decision maker. The new criteria weighting model can express both the subjective considerations of the decision maker and the objective information meaning. Research limitations/implications – The research results may lack generalizability for other fuzzy decision making because of the chosen research approach for IVIFN decision making. Therefore, researchers are encouraged to test the proposed propositions further. Practical implications – The developed approach can be applied in many decision-making fields such as selection of renewable energy alternatives, assessment of flexible manufacturing system alternatives and human resource alternatives performance evaluation, etc. where the evaluation values are IVIFNs. Originality/value – This paper succeeds in studying the interval-valued intuitionistic fuzzy MCDM based on Prospect theory, which has not been reported in the existing academic literature.

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