Improved TODIM method for intuitionistic fuzzy MAGDM based on cumulative prospect theory and its application on stock investment selection

Zhao, Mengwei; Wei, Guiwu; Wei, Cun; Wu, Jihuai

doi:10.1007/s13042-020-01208-1

Cited by 65 publications

(29 citation statements)

References 61 publications

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“…Tian et al (2019) introduced cumulative prospect theory (CPT) into TODIM method for the first time, which made TODIM method more complete in expressing the influence of decision-maker's psychological state on decision making. Zhao et al (2021a) defined the CPT-TODIM method for intuitionistic fuzzy MAGDM. Zhao et al (2021b) proposed the CPT-TODIM method for interval-valued intuitionistic fuzzy MAGDM.…”

Section: Introductionmentioning

confidence: 99%

CPT-Todim Method for Interval-Valued Bipolar Fuzzy Multiple Attribute Group Decision Making and Application to Industrial Control Security Service Provider Selection

Zhao

Wei

Guo

et al. 2021

Technological and Economic Development of Economy

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In recent years, a series of serious attacks against industrial control system (ICS), such as Stuxnet, Duqu, Flame and Havex, have sounded the alarm for industrial enterprises. For many industrial enterprises, it is a very important part of enterprise management decisions to evaluate ICS security suppliers and choose the appropriate one as a partner. The purpose of this paper is to build the TODIM method based on cumulative prospect theory (CPT-TODIM) to solve multiattribute group decision making problem under interval-valued bipolar fuzzy environment. This extraordinary model not only uses CPT to supplement the traditional TODIM method, but also introduces the entropy weight method to determine the attribute weight so as to avoid the negative influence of subjective weight on the decision result. In addition, in this model, all attribute evaluation information will be interval-valued bipolar fuzzy number (IVBFN) to cope with complex and fuzzy decision environment. Then, the most important part of this paper, we elaborate on the logical structure of the model. What’s more, in the last two sections, we apply this newly constructed model to the selection of ICS security suppliers, and verify the acceptability of this method by sensitivity analysis and comparing with IVBFWA and IVBFWG operator.

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Section: Introductionmentioning

confidence: 99%

CPT-Todim Method for Interval-Valued Bipolar Fuzzy Multiple Attribute Group Decision Making and Application to Industrial Control Security Service Provider Selection

Zhao

Wei

Guo

et al. 2021

Technological and Economic Development of Economy

Self Cite

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“…Furthermore, grey relational projection (GRP) can be preferred to rank different alternatives [54]. TODIM and CODAS methods can also be considered for this purpose [55][56][57].…”

Section: New Mcdm Approachesmentioning

confidence: 99%

An Extended Pythagorean Fuzzy Approach to Group Decision-Making With Incomplete Preferences for Analyzing Balanced Scorecard-Based Renewable Energy Investments

et al. 2021

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The aim of this study is to generate appropriate strategies to improve renewable energy investments. Within this framework, a novel model has also been proposed which includes three different stages. Firstly, incomplete preferences of the relation matrixes are calculated. For this purpose, 4 different decision makers evaluate the balanced scorecard-based criteria. In this stage, missing values are estimated by incomplete preferences to complete the relation matrixes. Additionally, the second stage includes the computing the fuzzy preferences by considering the consensus-based group decision-making (CGDM). The final stage is related to the calculation of the weights of the criteria by considering Pythagorean fuzzy decision-making trial and evaluation laboratory (DEMATEL) methodology. Hence, the main motivation of this study is to identify innovative strategies for the renewable energy investments with a novel multicriteria decision-making (MCDM) model based on incomplete preferences, CGDM and Pythagorean fuzzy sets. The findings indicate that learning and growth is the most important balanced scorecard-based perspective to improve the performance of renewable energy investments. Additionally, the perspective of internal process is identified as another significant factor for this situation. The biggest problem in renewable energy projects is their high initial costs. Hence, technological developments reduce the production costs of renewable energy sources. Additionally, it is also possible to increase the amount of electricity from renewable energy sources owing to the innovative technologies. Thus, renewable energy investors should follow up-to-date technological developments so that it will be possible to reduce the cost of renewable energy investments.

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“…According to different angles, researchers have proposed many methods to deal with MADM problems, such as Vlse Kriterijumska Optimizacija Kompromisno Resenje (VIKOR), 22,23 evaluation based on distance from average solution (EDAS), 24,25 Complex Proportional Assessment (COPRAS), 26–28 weighted aggregated sum product assessment (WASPAS), 29–31 COmbinative Distance‐based ASsessment (CODAS), 32,33 TOmada de Decisão Interativa e Multicritério (TODIM), 34–36 and so on. Although these methods differ in analyzing the problem and processing the data, all of them improve the resolution of MADM problems and have been applied to some domains.…”

Section: Introductionmentioning

confidence: 99%

TODIM method based on cumulative prospect theory for multiple attribute group decision‐making under 2‐tuple linguistic Pythagorean fuzzy environment

et al. 2021

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On the basis of previous scholars’ research, we improve the traditional TOmada de Decisão Interativa e Multicritério (TODIM) along with Cumulative Prospect Theory (CPT) under the 2‐tuple linguistic Pythagorean fuzzy sets (2TLPFSs) in this article. First of all, we give some definitions of Pythagorean fuzzy sets, 2TLPFSs, and the 2‐tuple linguistic Pythagorean fuzzy weighted average as well as 2‐tuple linguistic Pythagorean fuzzy weighted geometric operators. After that, according to the existing researches, we simply introduce the TODIM method and TODIM method under 2TLPFSs. Furthermore, we propose the TODIM method based on CPT (CPT–TODIM) for multiple attribute group decision‐making (MAGDM) with 2TLPFSs. Finally, a numerical example about company credit risk assessment is used to explain the new proposed method. Comparing with other methods, there is no doubt that this new method has superiority. To be exact, because the new method fully considers the mental factors of decision makers, it can better solve the uncertainty of MAGDM and improve the rationality of decision‐making.

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Improved TODIM method for intuitionistic fuzzy MAGDM based on cumulative prospect theory and its application on stock investment selection

Cited by 65 publications

References 61 publications

CPT-Todim Method for Interval-Valued Bipolar Fuzzy Multiple Attribute Group Decision Making and Application to Industrial Control Security Service Provider Selection

CPT-Todim Method for Interval-Valued Bipolar Fuzzy Multiple Attribute Group Decision Making and Application to Industrial Control Security Service Provider Selection

An Extended Pythagorean Fuzzy Approach to Group Decision-Making With Incomplete Preferences for Analyzing Balanced Scorecard-Based Renewable Energy Investments

TODIM method based on cumulative prospect theory for multiple attribute group decision‐making under 2‐tuple linguistic Pythagorean fuzzy environment

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