Research on the multi-attribute decision-making under risk with interval probability based on prospect theory and the uncertain linguistic variables

Лю, Пэйдэ; Fang, Jye‐Siung; Zhang, Xin; Su, Yu; Wang, Minghe

doi:10.1016/j.knosys.2011.01.010

Cited by 190 publications

(89 citation statements)

References 22 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Noting the limitations of the expected utility theory, Kahneman and Tversky proposed Prospect theory [14]. The decision-making method based on Prospect theory has recently become a research hotspot because it is more in line with people's actual decisionmaking behavior [15][16][17]. To the best of authors' knowledge, however, the study of 2-tuple linguistic fuzzy stochastic MAGDM problems based on Cloud model and Prospect theory at present has not been reported in the existing literature.…”

Section: Introductionmentioning

confidence: 99%

2-tuple Linguistic Fuzzy Stochastic MAGDM Method Based on Prospect Theory and Cloud Model

Li¹

2017

Proceedings of the 2017 International Conference on Information Technology and Intelligent Manufacturing (ITIM 2017)

View full text Add to dashboard Cite

Abstract-This paper presents a new approach to solving the fuzzy stochastic multi attributes group decision-making (MAGDM) problem where the attributes values take 2-tuple linguistic form. First, a 2-tuple hybrid ordered weighted geometric (THOWG) operator is developed and all the individual preference values are aggregated into the comprehensive preference values. Then, by applying generating cloud method, a comprehensive preference value is converted into a normal cloud. Consequently, the cloud prospect decision matrix is constructed by defining a cloud distance, cloud possibility degree and cloud prospect value function. Furthermore, we establish a programming model which satisfies maximum integrated cloud prospect value, attain the attributes weights, and consequently list the order of alternatives. Finally, an example is illustrated to verify the developed approach.

show abstract

Section: Introductionmentioning

confidence: 99%

2-tuple Linguistic Fuzzy Stochastic MAGDM Method Based on Prospect Theory and Cloud Model

Li¹

2017

Proceedings of the 2017 International Conference on Information Technology and Intelligent Manufacturing (ITIM 2017)

View full text Add to dashboard Cite

show abstract

“…Decision making has broadly been defined as an executive function enabling the selection of the most advantageous response from a selection of possible behaviors (Bechara et al 2000). Making a decision involves encoding and representation of perceived options, each being assigned a measure of value and utility (Liu et al 2011). Researchers acknowledge the complexity of decision making by treating it as a complex function that involves multiple component processes (Krawczyk 2002, Fellows 2004.…”

Section: Introductionmentioning

confidence: 99%

Effects of repetitive transcranial magnetic stimulation on non-veridical decision making

Tulviste¹,

Goldberg²,

Podell³

et al. 2016

Acta Neurobiologiae Experimentalis

View full text Add to dashboard Cite

show abstract

“…The outcomes are expressed by means of gains and losses from a reference alternative. PT is an important research achievement on behavioral economics, and it has successfully been used as behavioral model of decision making under risk mainly in market decision making 18 , economics 19−20 , finance 21 , risk management 22 , etc. Due to the firstgeneration prospect theory is the conceptual model, Tversky and Kahneman 23 developed the Cumulative Prospect Theory (CPT or PT for short) in 1992.…”

Section: Introductionmentioning

confidence: 99%

A Method for Multi-attribute Decision Making Under Uncertainty Using Evidential Reasoning and Prospect Theory

Jin¹,

Fang²,

Xu³

2015

IJCIS

View full text Add to dashboard Cite

In this paper, a method for multi-attribute decision making under uncertainty is proposed, the uncertainty is represented by certitude structure. In fact, there are both quantitative and qualitative attributes with different representation in multi-attribute decision making under uncertainty, so the certitude structure transformation method is the first contribution of this paper. Secondly, the prospect value vector for each alternative on each attribute is calculated based on prospect theory. Thirdly, the combination decision prospect value of each alternative is given according to evidential reasoning approach under certitude degree. Then a ranking of alternatives can be determined using the combination decision prospect values. Finally, two illustration examples are used to illustrate the use of this multi-attribute decision making method, as well as demonstrate its high performance by comparing with the existing approaches.

show abstract

Research on the multi-attribute decision-making under risk with interval probability based on prospect theory and the uncertain linguistic variables

Cited by 190 publications

References 22 publications

2-tuple Linguistic Fuzzy Stochastic MAGDM Method Based on Prospect Theory and Cloud Model

2-tuple Linguistic Fuzzy Stochastic MAGDM Method Based on Prospect Theory and Cloud Model

Effects of repetitive transcranial magnetic stimulation on non-veridical decision making

A Method for Multi-attribute Decision Making Under Uncertainty Using Evidential Reasoning and Prospect Theory

Contact Info

Product

Resources

About