scholarly journals Comparative analysis of the todim method adherence to prospect theory

2021 ◽  
Vol 12 (7) ◽  
pp. 1935-1947
Author(s):  
Alexandre Leoneti ◽  
Luiz Flávio Autran Monteiro Gomes
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Prospect Theory ◽  
Paired Comparison ◽  
Multicriteria Decision Aid ◽  
Rational Agents ◽  
Multicriteria Decision ◽  
Multicriteria Method ◽  
Todim Method ◽  
The Mathematical Model

Prospect Theory provides a broad and solid frame of reference for modeling the decision making of rational agents. In the early 1990s, the structure of Prospect Theory was used to propose a method to aid a multicriteria decision based on the process of paired comparison. The research reported in this article has empirically assessed the adherence of the mathematical model of the original TODIM method, together with its variations available in the literature, to Prospect Theory and compared them with a multicriteria method that does not use that theory. From a comparative analysis, it was realized that the different variations of the TODIM method regarding the incorporation of Prospect Theory’s rationality within the context of Multicriteria Decision Aid still do not bring the benefits of an already consolidated theory to the context of decision-making aid. Thus, it is suggested that further studies be conducted to improve the adherence of Prospect Theory within the structure of the TODIM method, so that the benefits of a consolidated theory of decision lead to better results, notably from the perspective of using the method for the purposes of forecast.

scholarly journals Approaches for multicriteria decision-making based on the hesitant fuzzy best–worst method

2021 ◽  
Author(s):  
Jian Li ◽  
Li-li Niu ◽  
Qiongxia Chen ◽  
Zhong-xing Wang
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Programming Model ◽  
Multicriteria Decision Making ◽  
Decision Makers ◽  
Multicriteria Decision ◽  
Preference Relations ◽  
Fuzzy Preference Relations ◽  
Decision Making Models ◽  
Best Worst Method

AbstractHesitant fuzzy preference relations (HFPRs) have been widely applied in multicriteria decision-making (MCDM) for their ability to efficiently express hesitant information. To address the situation where HFPRs are necessary, this paper develops several decision-making models integrating HFPRs with the best worst method (BWM). First, consistency measures from the perspectives of additive/multiplicative consistent hesitant fuzzy best worst preference relations (HFBWPRs) are introduced. Second, several decision-making models are developed in view of the proposed additive/multiplicatively consistent HFBWPRs. The main characteristic of the constructed models is that they consider all the values included in the HFBWPRs and consider the same and different compromise limit constraints. Third, an absolute programming model is developed to obtain the decision-makers’ objective weights utilizing the information of optimal priority weight vectors and provides the calculation of decision-makers’ comprehensive weights. Finally, a framework of the MCDM procedure based on hesitant fuzzy BWM is introduced, and an illustrative example in conjunction with comparative analysis is provided to demonstrate the feasibility and efficiency of the proposed models.

Fuzzy Multicriteria Decision-Making Methods: A Comparative Analysis

2016 ◽  
Vol 32 (7) ◽  
pp. 722-738 ◽  
Author(s):  
Blanca Ceballos ◽  
María Teresa Lamata ◽  
David A. Pelta
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Multicriteria Decision Making ◽  
Multicriteria Decision

scholarly journals Algorithm for Neutrosophic Soft Sets in Stochastic Multi-Criteria Group Decision Making Based on Prospect Theory

Symmetry ◽  
2019 ◽  
Vol 11 (9) ◽  
pp. 1085 ◽  
Author(s):  
Dong ◽  
Hou ◽  
Gong
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Prospect Theory ◽  
Group Decision Making ◽  
Group Decision ◽  
Weighted Average ◽  
Decision Makers ◽  
Aggregation Rule ◽  
Decision Matrix ◽  
Soft Sets

To address issues involving inconsistencies, this paper proposes a stochastic multi-criteria group decision making algorithm based on neutrosophic soft sets, which includes a pair of asymmetric functions: Truth-membership and false-membership, and an indeterminacy-membership function. For integrating an inherent stochastic, the algorithm expresses the weights of decision makers and parameter subjective weights by neutrosophic numbers instead of determinate values. Additionally, the algorithm is guided by the prospect theory, which incorporates psychological expectations of decision makers into decision making. To construct the prospect decision matrix, this research establishes a conflict degree measure of neutrosophic numbers and improves it to accommodate the stochastic multi-criteria group decision making. Moreover, we introduce the weighted average aggregation rule and weighted geometric aggregation rule of neutrosophic soft sets. Later, this study presents an algorithm for neutrosophic soft sets in the stochastic multi-criteria group decision making based on the prospect theory. Finally, we perform an illustrative example and a comparative analysis to prove the effectiveness and feasibility of the proposed algorithm.

scholarly journals An integrated multicriteria decision-making approach to reale state evaluation: case of the todim method

2011 ◽  
Vol 31 (1) ◽  
pp. 03-20 ◽  
Author(s):  
Helen M Moshkovich ◽  
Luiz Flávio Autran Monteiro Gomes ◽  
Alexander I Mechitov
Keyword(s):  
Decision Making ◽  
Multicriteria Decision Making ◽  
Multicriteria Decision ◽  
State Evaluation ◽  
Todim Method

Arccosine and arctangent similarity measures of refined simplified neutrosophic indeterminate sets and their multicriteria decision-making method

2021 ◽  
pp. 1-13
Author(s):  
Jun Ye ◽  
Shigui Du ◽  
Rui Yong ◽  
Fangwei Zhang
Keyword(s):  
Decision Making ◽  
Comparative Analysis ◽  
Similarity Measures ◽  
Multicriteria Decision Making ◽  
Open Pit Mine ◽  
Open Pit ◽  
Multicriteria Decision ◽  
Slope Design ◽  
Neutrosophic Number

In indeterminate and inconsistent setting, existing simplified neutrosophic indeterminate set (SNIS) can be depicted by the neutrosophic number (NN) functions of the truth, falsity and indeterminacy. Then, the three NN functions in SNIS lack their refined expressions and then the simplified neutrosophic indeterminate DM method cannot carry out the multicriteria DM problems with both criteria and sub-criteria in the setting of SNISs. To overcome the flaws, this study first proposes a new notion of a refined simplified neutrosophic indeterminate set (RSNIS), which is described by the refined truth, falsity and indeterminate NN information regarding both elements and sub-elements in a universe set, as the extension of SNIS. Next, we propose the arccosine and arctangent similarity measures of RSNISs and their multicriteria decision making (DM) method with various indeterminate risk ranges so as to carry out multicriteria DM problems with weight values of both criteria and sub-criteria in RSNIS setting. Lastly, the proposed DM method is applied to a multicriteria DM example of slope design schemes for an open pit mine to illustrate its application in the indeterminate DM problem with RSNISs. The decision results and comparative analysis indicate the rationality and efficiency of the proposed DM method with different indeterminate risk ranges.

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