scholarly journals A NOVEL TODIM BASED ON PROSPECT THEORY TO SELECT GREEN SUPPLIER WITH Q-RUNG ORTHOPAIR FUZZY SET

2020 ◽  
Vol 0 (0) ◽  
pp. 1-27 ◽  
Author(s):  
Xiaoli Tian ◽  
Meiling Niu ◽  
Weike Zhang ◽  
Lanhao Li ◽  
Enrique Herrera-Viedma
Keyword(s):  
Prospect Theory ◽  
Fuzzy Set ◽  
Weighting Function ◽  
Decision Makers ◽  
Evaluation Index System ◽  
Systematic Evaluation ◽  
The Novel ◽  
Ecological Civilization ◽  
Probability Weighting Function ◽  
Psychological States

Green supply chain has developed rapidly due to the advocacy of ecological civilization, and choosing a proper green supplier is a crucial issue. Considering the fuzziness of evaluation information and the psychological states of decision makers (DMs) in selecting process, a novel TODIM based on prospect theory with q-rung orthopair fuzzy set (q-ROFS) is proposed. The novel TODIM concerns both the perceived transformed probability weighting function and the differences in risk attitudes. A new distance, which concerns the herd mentality, is carried out to measure the perceived difference of the q-ROFS. Besides, a new systematic evaluation index system, named as PCEM (Product, Cooperation ability, Environment, Market), has been established. A case related to pork supplier companies is presented and fully demonstrates the effectiveness of the novel TODIM when compared with the extended one, the intuitionistic fuzzy TODIM, the Pythagorean fuzzy TODIM as well as the TOPSIS with q-ROFS. Finally, a series of comparative analyses illustrate the advantages of the proposed TODIM.

Evaluation of the development ability of medical association based on evidential reasoning and prospect theory

2021 ◽  
pp. 1-18
Author(s):  
Tao Zhang ◽  
Shizheng Li ◽  
Jin Wang
Keyword(s):  
Prospect Theory ◽  
Comprehensive Evaluation ◽  
Risk Attitude ◽  
Decision Makers ◽  
Evidential Reasoning ◽  
Evaluation Index System ◽  
Evaluation Index ◽  
Equivalent Transformation ◽  
Qualitative And Quantitative ◽  
Quantitative Indexes

China has proposed medical couplet body to alleviate residents’ difficulties in seeking medical treatment, and the future development ability of medical couplet body has gradually become a research interest. On the basis of prospect theory, this study constructs a comprehensive evaluation index system with qualitative and quantitative indexes, clear hierarchy, and diverse attribute characteristics. The development ability of medical couplet body is also comprehensively and systematically evaluated. In addition, the evidential reasoning method is proposed on the basis of the equivalent transformation of prospect value. Furthermore, the validity and feasibility of the model are proven through experiments, and the influence of decision makers’ risk attitude on the evaluation results is discussed.

scholarly journals A Novel TODIM with Probabilistic Hesitant Fuzzy Information and Its Application in Green Supplier Selection

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-26
Author(s):  
Xiaoli Tian ◽  
Meiling Niu ◽  
Jiangshui Ma ◽  
Zeshui Xu
Keyword(s):  
Weighting Function ◽  
Multiple Criteria Decision Making ◽  
Decision Makers ◽  
Sensitivity Analyses ◽  
Fuzzy Information ◽  
Probability Weighting Function ◽  
The Difference ◽  
The Stability ◽  
Gains And Losses

TODIM is a well-known multiple-criteria decision-making (MCDM) which considers the bounded rationality of decision makers (DMs) based on prospect theory (PT). However, in the classical TODIM, the perceived probability weighting function and the difference of the risk attitudes for gains and losses are not consistent with the original idea of PT. Moreover, probabilistic hesitant fuzzy information shows its superiority in handling the situation that the DMs hesitate among several possible values with different possibilities. Hence, a novel TODIM with probabilistic hesitant fuzzy information is proposed in this paper to simulate the perceptions of the DMs in PT. To show the advantages of the proposed method, a novel TODIM is combined with hesitant fuzzy information. Finally, a case study is carried out to demonstrate the feasibility of the proposed method, and a series of comparative analyses and the sensitivity analyses are used to show the stability of the proposed method.

scholarly journals Asymmetrical Property of the Subproportionality of Weighting Function in Prospect Theory: Is It Real and How Can It Be Achieved?

Symmetry ◽  
2021 ◽  
Vol 13 (10) ◽  
pp. 1928
Author(s):  
Yuan-Na Huang ◽  
Si-Chu Shen ◽  
Shu-Wen Yang ◽  
Yi Kuang ◽  
Yun-Xiao Li ◽  
...  
Keyword(s):  
Prospect Theory ◽  
Weighting Function ◽  
Underlying Mechanism ◽  
Risky Choice ◽  
High Impact ◽  
Current Understanding ◽  
Probability Weighting ◽  
Allais Paradox ◽  
Probability Weighting Function ◽  
Decision Mechanisms

An asymmetrical property of the probability weighting function, namely, subproportionality, was derived from observations. Subproportionality can provide a reasonable explanation for accommodating the Allais paradox and, therefore, deserves replication for its high impact. The present study aimed to explore the mechanism of subproportionality by comparing the two completely opposite decision mechanisms: prospect theory and equate-to-differentiate theory. Results revealed that the underlying mechanism supports the prediction of equate-to-differentiate theory but not prospect theory in the diagnostic stimuli condition. Knowledge regarding which intra-dimensional difference between Options A and B is greater, not knowledge regarding which option’s overall prospect value is greater, indeed predicts option preference. Our findings may deepen current understanding on the mechanisms behind the simple risky choice with a single-non-zero outcome. Additionally, these findings will hopefully encourage subsequent researchers to take a fresh look at the Allais paradox.

scholarly journals Research on Utility Evaluation of Grid Investment considering Risk Preference of Decision-Makers

2020 ◽  
Vol 2020 ◽  
pp. 1-16
Author(s):  
Hongliang Wu ◽  
Daoxin Peng ◽  
Ling Wang
Keyword(s):  
Index System ◽  
Evaluation Model ◽  
Risk Preference ◽  
System Optimization ◽  
Decision Makers ◽  
Evaluation Index System ◽  
Evaluation Index ◽  
Risk Appetite ◽  
Utility Evaluation ◽  
The Index System

Effectiveness evaluations are one of the important ways to guide grid investment and to improve investment efficiency. Improving the effectiveness of grid investment evaluations is studied based on the optimization of the investment evaluation index system and the utility evaluation model. The index system is optimized by establishing an evaluation index system of grid investment effectiveness, considering the redundancy between the indices, and constructing an ISM-DEA model. The utility function model was introduced to fully consider the different risk appetites of decision-makers, and a utility evaluation model that takes risk appetite into account was established. An improved weight integration model based on multiobjective optimization was established by considering the minimum deviation and the trend-optimal objective function when setting the index weights. The calculation results show that the feasibility of the index system optimization model and utility evaluation model constructed in this study is verified under the premise of satisfying the assumptions. By adjusting the risk preference coefficient of decision-makers, the dynamic optimization of the grid investment utility evaluation results can be realized.

ERP software selection using intuitionistic fuzzy and interval grey number-based MACBETH method

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mustafa Said Yurtyapan ◽  
Erdal Aydemir
Keyword(s):  
Decision Making ◽  
Fuzzy Set ◽  
Selection Process ◽  
Intuitionistic Fuzzy Set ◽  
Decision Makers ◽  
Software Selection ◽  
Content Type ◽  
Intuitionistic Fuzzy ◽  
Expert Opinions ◽  
Erp Software

PurposeEnterprise Resource Planning (ERP) software which is a knowledge-based design on the interconnective communication of business units and information share, ensures that business processes such as finance, production, purchasing, sales, logistics and human resources, are integrated and gathered under one roof. This integrated system allows the company to make fast and accurate decisions and increases its competitiveness. Therefore, for an enterprise, choosing the suitable ERP software is extremely important. The aim of this study is to present new research on the ERP software selection process by clarifying the uncertainties and find suitable software in a computational way.Design/methodology/approachERP selection problem design includes uncertainties on the expert opinions and the criteria values using intuitionistic fuzzy set theory and interval grey-numbers to MACBETH multi criteria decision making method. In this paper, a new interval grey MACBETH method approach is proposed, and the degree of greyness approach is used for clarifying the uncertainties. Using this new approach in which grey numbers are used, it is aimed to observe the changes in the importance of the alternatives. Moreover, the intuitionistic fuzzy set method is applied by considering the importance of expert opinions separately.FindingsThe proposed method is based on quantitative decision making derived from qualitative judgments. The results given under uncertain conditions are compared with the results obtained under crisp conditions of the same methods. With the qualitative levels of experts reflected in the decision process, it is clearly seen that ERP software selection problem area has more effective alternative decision solutions to the uncertain environment, and decision makers should not undervalue the unsteadiness of criteria during ERP software selection process.Originality/valueThis study contributes to the relevant literature by (1) utilizing the MACBETH method in the selection of the ERP software by optimization, and (2) validating the importance of expert opinions with uncertainties on a proper ERP software selection procedure. So, the findings of this study can help the decision-makers to evaluate the ERP selection in uncertain conditions.

Fuzzy Decision Making in Politics: A Linguistic Fuzzy-Set Approach (LFSA)

2005 ◽  
Vol 13 (1) ◽  
pp. 23-56 ◽  
Author(s):  
Badredine Arfi
Keyword(s):  
Decision Making ◽  
Set Theory ◽  
Fuzzy Set ◽  
Fuzzy Set Theory ◽  
Multiple Criteria ◽  
Decision Makers ◽  
Fuzzy Decision Making ◽  
Fuzzy Decision ◽  
Trust And Power

In this article I use linguistic fuzzy-set theory to analyze the process of decision making in politics. I first introduce a number of relevant elements of (numerical and linguistic) fuzzy-set theory that are needed to understand the terminology as well as to grasp the scope and depth of the approach. I then explicate a linguistic fuzzy-set approach (LFSA) to the process of decision making under conditions in which the decision makers are required to simultaneously satisfy multiple criteria. The LFSA approach is illustrated through a running (hypothetical) example of a situation in which state leaders need to decide how to combine trust and power to make a choice on security alignment.

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