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In decision-making analysis, the description on decision makers' risk attitude under uncertainty is a focus topic. This paper presents a novel decision analysis framework that considers uncertainty and risk using the cumulative prospect theory. The proposed approach describes uncertain preference information using interval-valued fuzzy sets, maintaining this representation without converting intervals into crisp numbers throughout the entire process. To quantify the distance between interval-valued fuzzy sets, we introduce a comprehensive interval-valued distance model that accounts for multiple situations determined based on the relative positions between intervals. Afterwards, some related theorems about the proposed interval-valued distance model are explored mathematically. Then, with the aid of different reference points and interval-valued distance model, the overall interval-valued prospect value of each alternative is investigated. Finally, an Enhanced Minimax Regret-based (EMR) approach is developed to compare and rank the obtained overall interval-valued prospect values. An illustrative example, accompanied by detailed discussions, is provided to demonstrate the flexibility and superiority of the proposed decision analysis framework. © 2024 Elsevier B.V.
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Fuzzy Sets and Systems
ISSN: 0165-0114
Year: 2024
Volume: 480
3 . 2 0 0
JCR@2023
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ESI Highly Cited Papers on the List: 0 Unfold All
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