An improved MULTIMOORA method for multi-valued neutrosophic multi-criteria group decision-making based on prospect theory

In order to determine the membership of an element to a set owing to ambiguity between a few different values, the hesitant fuzzy set (HFS) has been proposed and widely diffused to deal with vagueness and uncertainty involved in the process of multiple criteria group decision making (MCGDM) problems. In this paper, we develop novel definitions of score function and distance measure for HFSs. Some examples are given to illustrate that the proposed definitions are more reasonable than the traditional ones. Furthermore, our study extends the MULTIMOORA (Multiple Objective Optimization on the basis of Ratio Analysis plus Full Multiplicative Form) method with HFSs. The proposed method thus provides the means for multiple criteria decision making (MCDM) regarding uncertain assessments. Utilization of hesitant fuzzy power aggregation operators also enables facilitating the process of MCGDM. A numerical example of software selection demonstrates the possibilities of application of the proposed method.

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Multi-attribute group decision making method based on prospect theory under hesitant probabilistic fuzzy environment

Computers & Industrial Engineering ◽

10.1016/j.cie.2020.106804 ◽

2020 ◽

Vol 149 ◽

pp. 106804

Author(s):

Wei Liang ◽

Mark Goh ◽

Ying-Ming Wang

Keyword(s):

Decision Making ◽

Prospect Theory ◽

Group Decision Making ◽

Group Decision ◽

Fuzzy Environment

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Rough-Number-Based Multiple-Criteria Group Decision-Making Method by Combining the BWM and Prospect Theory

Mathematical Problems in Engineering ◽

10.1155/2020/8738327 ◽

2020 ◽

Vol 2020 ◽

pp. 1-16

Author(s):

Fan Jia ◽

Xingyuan Wang

Keyword(s):

Decision Making ◽

Prospect Theory ◽

Group Decision Making ◽

Group Decision ◽

Programming Model ◽

Weighting Function ◽

Information Aggregation ◽

Criteria Weights ◽

Multicriteria Group Decision Making ◽

Novel Method

Multicriteria group decision-making (MCGDM) problems have been a research hotspot in recent years, and prospect theory is introduced to cope with the risk and imprecision in the process of decision-making. To guarantee the effectiveness of information aggregation and extend the feasibility of prospect theory, this paper proposes a novel decision-making approach based on rough numbers and prospect theory to solve risky and uncertain MCGDM problems. Firstly by combining rough numbers and the best-worst method (BWM), we construct a linear programming model to calculate rough criteria weights, which are defined by lower limitations and upper limitations. Then for the imprecision of value function and weighting function in prospect theory, we propose a novel method with the aid of combining rough numbers and prospect theory to handle the risk in decision-making problems. Finally, a numerical example involving investment is introduced to illustrate the application and validity of the proposed method.

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