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author:

Pan, Xiao-Hong (Pan, Xiao-Hong.) [1] | He, Shi-Fan (He, Shi-Fan.) [2] | Wang, Ying-Ming (Wang, Ying-Ming.) [3] (Scholars:王应明)

Indexed by:

EI Scopus SCIE

Abstract:

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.

Keyword:

Cumulative prospect theory Decision analysis Enhanced minimax regret-based approach Interval-valued fuzzy sets

Community:

  • [ 1 ] [Pan, Xiao-Hong]Qingdao Univ, Sch Business, Qingdao 266071, Shandong, Peoples R China
  • [ 2 ] [He, Shi-Fan]Qingdao Univ, Sch Business, Qingdao 266071, Shandong, Peoples R China
  • [ 3 ] [He, Shi-Fan]Fuzhou Univ, Decis Sci Inst, Fuzhou 350108, Fujian, Peoples R China
  • [ 4 ] [Wang, Ying-Ming]Fuzhou Univ, Decis Sci Inst, Fuzhou 350108, Fujian, Peoples R China

Reprint 's Address:

  • 何世繁

    [He, Shi-Fan]Qingdao Univ, Sch Business, Qingdao 266071, Shandong, Peoples R China

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Source :

FUZZY SETS AND SYSTEMS

ISSN: 0165-0114

Year: 2024

Volume: 480

3 . 2 0 0

JCR@2023

Cited Count:

WoS CC Cited Count:

SCOPUS Cited Count: 1

ESI Highly Cited Papers on the List: 0 Unfold All

WanFang Cited Count:

Chinese Cited Count:

30 Days PV: 3

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