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

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Zeitschriftentitel: Kybernetes
Personen und Körperschaften: Gao, Jianwei, Liu, Huihui
In: Kybernetes, 44, 2015, 1, S. 25-42
Format: E-Article
Sprache: Englisch
veröffentlicht:
Emerald
Schlagwörter:
Computer Science (miscellaneous)
Social Sciences (miscellaneous)
Theoretical Computer Science
Control and Systems Engineering
Engineering (miscellaneous)
author_facet Gao, Jianwei
Liu, Huihui
Gao, Jianwei
Liu, Huihui
author Gao, Jianwei
Liu, Huihui
spellingShingle Gao, Jianwei
Liu, Huihui
Kybernetes
Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
Computer Science (miscellaneous)
Social Sciences (miscellaneous)
Theoretical Computer Science
Control and Systems Engineering
Engineering (miscellaneous)
author_sort gao, jianwei
spelling Gao, Jianwei Liu, Huihui 0368-492X Emerald Computer Science (miscellaneous) Social Sciences (miscellaneous) Theoretical Computer Science Control and Systems Engineering Engineering (miscellaneous) http://dx.doi.org/10.1108/k-02-2014-0027 <jats:sec> <jats:title content-type="abstract-heading">Purpose</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Design/methodology/approach</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Findings</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Research limitations/implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Practical implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Originality/value</jats:title> <jats:p> – 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.</jats:p> </jats:sec> Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory Kybernetes
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title Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_unstemmed Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_full Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_fullStr Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_full_unstemmed Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_short Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_sort interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on prospect theory
topic Computer Science (miscellaneous)
Social Sciences (miscellaneous)
Theoretical Computer Science
Control and Systems Engineering
Engineering (miscellaneous)
url http://dx.doi.org/10.1108/k-02-2014-0027
publishDate 2015
physical 25-42
description <jats:sec> <jats:title content-type="abstract-heading">Purpose</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Design/methodology/approach</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Findings</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Research limitations/implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Practical implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Originality/value</jats:title> <jats:p> – 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.</jats:p> </jats:sec>
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description <jats:sec> <jats:title content-type="abstract-heading">Purpose</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Design/methodology/approach</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Findings</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Research limitations/implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Practical implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Originality/value</jats:title> <jats:p> – 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.</jats:p> </jats:sec>
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spelling Gao, Jianwei Liu, Huihui 0368-492X Emerald Computer Science (miscellaneous) Social Sciences (miscellaneous) Theoretical Computer Science Control and Systems Engineering Engineering (miscellaneous) http://dx.doi.org/10.1108/k-02-2014-0027 <jats:sec> <jats:title content-type="abstract-heading">Purpose</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Design/methodology/approach</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Findings</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Research limitations/implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Practical implications</jats:title> <jats:p> – 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. </jats:p> </jats:sec> <jats:sec> <jats:title content-type="abstract-heading">Originality/value</jats:title> <jats:p> – 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.</jats:p> </jats:sec> Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory Kybernetes
spellingShingle Gao, Jianwei, Liu, Huihui, Kybernetes, Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory, Computer Science (miscellaneous), Social Sciences (miscellaneous), Theoretical Computer Science, Control and Systems Engineering, Engineering (miscellaneous)
title Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_full Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_fullStr Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_full_unstemmed Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_short Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
title_sort interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on prospect theory
title_unstemmed Interval-valued intuitionistic fuzzy stochastic multi-criteria decision-making method based on Prospect theory
topic Computer Science (miscellaneous), Social Sciences (miscellaneous), Theoretical Computer Science, Control and Systems Engineering, Engineering (miscellaneous)
url http://dx.doi.org/10.1108/k-02-2014-0027