Exploring Grey Systems Theory-Based Methods and Applications in Analyzing Socio-Economic Systems

Abstract

The present study seeks to provide an overview of studies dealing with the grey systems theory from the perspective of socio-economic systems. A scoping review is conducted to explore the studies focusing grey systems theory and its applications in socio-economic systems. The publications selected for analysis were collected through searching the databases of the Web of Science, Scopus, and Science Direct. The publications were selected from 2010 to 2019, and the following keywords were used to detect them: grey systems, grey relational, grey model, grey prediction, grey control, grey incidence, grey cluster, grey decision, and grey input-output plus social, economic, and socioeconomic. Out of the 2375 records found, 147 full papers were screened. Results obtained from the studies were separated into the following categories: social network, healthcare, financial issues, sustainability, tourism, social and cultural, public sectors, urbanization, development, business, economics, demographics, innovation, and entrepreneurship. Findings showed that complexity, uncertainty, and a lack of access to a large collection of data directed researchers to rely on grey systems theory-based socio-economic systems. Furthermore, theory-based grey systems were more effective than other approaches of decision-making and analysis. Drawing on the grey systems theory-based holistic approaches and systems thinking methods helped to obtain better results in analyzing socio-economic systems.

Measuring the Efficiency of Economic Growth towards Sustainable Growth with Grey System Theory

“…On the other hand, the literature points to the use of holistic approaches and GST-based methods of system thinking, which can help achieve better results in the analysis of socio-economic systems. The Grey Systems Theory and related methods can be a very attractive, practical and appropriate way of solving social and economic problems [25].…”

“…In the paper [25], the authors focused on the problem of adequacy of the application of methods included in the theory of grey systems in modeling uncertainty in socio-economics systems. The main conclusion from the analyses was that the possibility of using data that are few, incomplete and subjective, makes GST an adequate tool for modeling systems whose key element is the human being.…”

“…Statistical analysis often becomes an inadequate tool for modeling uncertainty in such cases. In the article, in order to solve the research problem, the methods included in the theory of grey systems, which are indicated in the literature on the subject as appropriate for the analysis of socio-economic systems [25] were used. This made it possible to draw conclusions on the basis of samples which, on the one hand, are small (the analysis included 15 countries), and on the other hand, are described by short time series (data for the period 2016-2018 was included).…”

Grey Forecast Model with Aging Fractional Accumulation and Its Properties

“…ese improvements have effectively improved the prediction accuracy of the grey model. erefore, the grey model is widely used in energy [19], economic [20], environmental governance [21], and other related research studies. It is worth emphasizing that the advantage of the grey forecasting model compared with other forecasting methods lies in dealing with small sample problems.…”

Research on the Large Deformation Prediction Model and Supporting Measures of Soft Rock Tunnel

“…In terms of gray theory and the feasibility study of bolting and shotcrete supports, many scholars at home and abroad have elaborated on it in many aspects; researches such as Szpak and Tchórzewska-Cieślak found that the gray theory was widely used in domestic water, infrastructure construction, economic development, etc. [6][7][8]; Lu believed that the gray theory could predict mine water inflow with high reliability and applicability [9]; Harding et al found that bolt support could effectively control surrounding rock deformation, and its support effect was related to bolt parameters [10][11][12]; Forrestde and Liu convinced that the gray theory prediction could grasp real-time problems in tunnel deformation, slope collapse, and surface settlement [13]; Zhou believed that the gray theory could predict the stress change and unknown deformation of tunnel lining [14]; Huo et al believed that the gray prediction was an effective means of predicting tunnel deformation, which could be used as a theoretical support for tunnel construction, design, and support to improve operation efficiency [15][16][17][18].…”