MADM method based on prospect theory and evidential reasoning approach with unknown attribute weights under intuitionistic fuzzy environment

With respect to decision making problems under uncertainty, a trapezoidal intuitionistic fuzzy multiattribute decision making method based on cumulative prospect theory and Dempster-Shafer theory is developed. The proposed method reflects behavioral characteristics of decision makers, information fuzziness under uncertainty, and uncertain attribute weight information. Firstly, distance measurement and comparison rule of trapezoidal intuitionistic fuzzy numbers are used to derive value function under trapezoidal intuitionistic fuzzy environment. Secondly, the value function and decision weight function are used to calculate prospect values of attributes for each alternative. Then considering uncertain attribute weight information, Dempster-Shafer theory is used to aggregate prospect values for each alternative, and overall prospect values are obtained and thus the alternatives are sorted consequently. Finally, an illustrative example shows the feasibility of the proposed method.

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Projection method for multiple attribute decision making with uncertain attribute weights under intuitionistic fuzzy environment

2009 Chinese Control and Decision Conference ◽

10.1109/ccdc.2009.5191817 ◽

2009 ◽

Author(s):

Yujun Luo

Keyword(s):

Decision Making ◽

Projection Method ◽

Multiple Attribute Decision Making ◽

Attribute Weights ◽

Intuitionistic Fuzzy ◽

Fuzzy Environment ◽

Multiple Attribute

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A DECISION-MAKING FRAMEWORK BASED ON THE PROSPECT THEORY UNDER AN INTUITIONISTIC FUZZY ENVIRONMENT

Technological and Economic Development of Economy ◽

10.3846/tede.2018.6981 ◽

2018 ◽

Vol 24 (6) ◽

pp. 2374-2396 ◽

Cited By ~ 1

Author(s):

Jing Gu ◽

Zijian Wang ◽

Zeshui Xu ◽

Xuezheng Chen

Keyword(s):

Decision Making ◽

Prospect Theory ◽

Value Function ◽

Behavior Pattern ◽

Weighting Function ◽

Intuitionistic Fuzzy ◽

Fuzzy Environment ◽

Decision Making Framework ◽

Decision Making Behavior ◽

The Value Function

Uncertainty and ambiguity are frequently involved in the decision-making process in our daily life. This paper develops a generalized decision-making framework based on the prospect theory under an intuitionistic fuzzy environment, by closely integrating the prospect theory and the intuitionistic fuzzy sets into our framework. We demonstrate how to compute the intuitionistic fuzzy prospect values as the reference values for decision-making and elaborate a four-step editing phase and a valuation phase with two key functions: the value function and the weighting function. We then conduct experiments to test our decision- making methodology and the key features of our framework. The experimental results show that the shapes of the value function and the weighting function in our framework are in line with those of prospect theory. The methodology proposed in this paper to elicit prospects that are not only under uncertainty but also under ambiguity. We reveal the decision-making behavior pattern through comparing the parameters. People are less risk averse when making decisions under an intuitionistic fuzzy environment than under uncertainty. People still underestimate the probability of the events in our experiment. Further, the choices of participants in the experiments are consistent with the addition and multiplication principles of our framework.

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