Multilevel AHP approach with interval type-2 fuzzy sets to portfolio selection problem

2021 ◽  
Vol 40 (5) ◽  
pp. 8819-8829
Author(s):  
Busra Meniz ◽  
Sema Akin Bas ◽  
Beyza Ahlatcioglu Ozkok ◽  
Fatma Tiryaki
Keyword(s):  
Fuzzy Sets ◽  
Portfolio Selection ◽  
Fuzzy Ahp ◽  
Selection Problem ◽  
Ahp Method ◽  
Analytic Hierarchy ◽  
Portfolio Selection Problem ◽  
Interval Type ◽  
Hierarchy Process

Decision making (DM) is an important process encountered in every moment of life. Since it is difficult to interpret life depending on a single criterion, Multi-Criteria Decision Making (MCDM) enables to make decisions easier by creating appropriate choice in situations of uncertainty, complexity, and conflicting objectives. Therefore, we have studied the Analytic Hierarchy Process (AHP) which is one of the MCDM methods based on binary comparison logic. When uncertainties concerning the nature of life are considered, the solution procedure of AHP has been addressed by using Interval Type-2 Fuzzy Numbers (IT2FN)s to obtain more realistic results. The usability of AHP with IT2FN is increased by amplifying hierarchy with sub-levels. Since sub-criterion may also need to be evaluated on sub-criteria in some cases of real multi-criteria problems, it is explicitly essential that each of sub-sub-criterion is included in the hierarchy at the own level in the real sense. In this paper, a new multilevel type-2 fuzzy AHP method is expanded by adding sub-criteria to the Interval Type-2 Fuzzy AHP (IT2FAHP) method developed by Kahraman et al. [C. Kahraman, B. Öztayşi, İ. Sarı and B. Turanoğlu, Fuzzy analytic hierarchy process with interval type-2 fuzzy sets, Knowledge-Based Systems 59 (2014), 48–57.]. Thanks to the extended method, another aim is to ensure that even complex situations that have multiple levels can be solved simply. Also, the proposed method is illustrated with a portfolio selection problem. Thus, the AHP method with type-2 fuzzy sets is carried out to the portfolio selection problem, which is in the scope of finance theory, for the first time in the literature.

EVALUATION OF THE POTENTIAL HAZARDS OF SHIP-GENERATED WASTE IN MARITIME INDUSTRY USING A TYPE-2 FUZZY ANALYTICAL HIERARCHY PROCESS

2021 ◽  
Vol 162 (A3) ◽  
Author(s):  
E Celik ◽  
O Soner ◽  
E Akyuz ◽  
O Arslan
Keyword(s):  
Maritime Industry ◽  
Fuzzy Analytical Hierarchy Process ◽  
Negative Effects ◽  
Ahp Method ◽  
Analytic Hierarchy ◽  
Port Facilities ◽  
Interval Type ◽  
Hierarchy Process ◽  
Marine Environmental

Ships create a large amount of pollutions to marine and coastal environment where its pollutants have negative effects to human and maritime habitat. Depending on the nature of ship-generated waste, rules and regulations determine discharging procedures. This paper focuses on evaluating of potential hazards of ship-generated wastes on the environment whether it may be discharged into the sea or disposed of on port facilities. Thus, marine and costal environmental effects can be discussed analytically to improve human and ecological health. To achieve this purpose, analytic hierarchy process (AHP) extended with interval type-2 fuzzy sets (IT2FSs) is used. While AHP method is used for prioritizing the potential ship- generated waste, the IT2FSs deal with uncertainty and vagueness in the process of obtaining expert decision. Beside assessment of the environmental impacts, the paper contributes to enhance coastal and marine environmental awareness with respect to the ship-generated waste.

Fuzzy analytic hierarchy process with interval type-2 fuzzy sets

2014 ◽  
Vol 59 ◽  
pp. 48-57 ◽  
Author(s):  
Cengiz Kahraman ◽  
Başar Öztayşi ◽  
İrem Uçal Sarı ◽  
Ebru Turanoğlu
Keyword(s):  
Analytic Hierarchy Process ◽  
Fuzzy Sets ◽  
Fuzzy Analytic Hierarchy Process ◽  
Analytic Hierarchy ◽  
Interval Type ◽  
Hierarchy Process

Evaluation of the Potential Hazards of Ship-Generated Waste in Maritime Industry Using a Type-2 Fuzzy Analytical Hierarchy Process

2020 ◽  
Vol 162 (A3) ◽  
Author(s):  
E Celik ◽  
O Soner ◽  
E Akyuz ◽  
O Arslan
Keyword(s):  
Maritime Industry ◽  
Fuzzy Analytical Hierarchy Process ◽  
Negative Effects ◽  
Ahp Method ◽  
Analytic Hierarchy ◽  
Port Facilities ◽  
Interval Type ◽  
Hierarchy Process ◽  
Marine Environmental

Ships create a large amount of pollutions to marine and coastal environment where its pollutants have negative effects to human and maritime habitat. Depending on the nature of ship-generated waste, rules and regulations determine discharging procedures. This paper focuses on evaluating of potential hazards of ship-generated wastes on the environment whether it may be discharged into the sea or disposed of on port facilities. Thus, marine and costal environmental effects can be discussed analytically to improve human and ecological health. To achieve this purpose, analytic hierarchy process (AHP) extended with interval type-2 fuzzy sets (IT2FSs) is used. While AHP method is used for prioritizing the potential ship-generated waste, the IT2FSs deal with uncertainty and vagueness in the process of obtaining expert decision. Beside assessment of the environmental impacts, the paper contributes to enhance coastal and marine environmental awareness with respect to the ship-generated waste.

An interval type-2 hesitant fuzzy best-worst method

2021 ◽  
pp. 1-28
Author(s):  
Ashraf Norouzi ◽  
Hossein Razavi hajiagha
Keyword(s):  
Decision Making ◽  
Fuzzy Sets ◽  
Group Decision Making ◽  
Group Decision ◽  
Fuzzy Ahp ◽  
Uncertain Data ◽  
Interval Type ◽  
Best Worst Method

Multi criteria decision-making problems are usually encounter implicit, vague and uncertain data. Interval type-2 fuzzy sets (IT2FS) are widely used to develop various MCDM techniques especially for cases with uncertain linguistic approximation. However, there are few researches that extend IT2FS-based MCDM techniques into qualitative and group decision-making environment. The present study aims to adopt a combination of hesitant and interval type-2 fuzzy sets to develop an extension of Best-Worst method (BWM). The proposed approach provides a flexible and convenient way to depict the experts’ hesitant opinions especially in group decision-making context through a straightforward procedure. The proposed approach is called IT2HF-BWM. Some numerical case studies from literature have been used to provide illustrations about the feasibility and effectiveness of our proposed approach. Besides, a comparative analysis with an interval type-2 fuzzy AHP is carried out to evaluate the results of our proposed approach. In each case, the consistency ratio was calculated to determine the reliability of results. The findings imply that the proposed approach not only provides acceptable results but also outperforms the traditional BWM and its type-1 fuzzy extension.

scholarly journals A NOVEL HESITANT INTUITIONISTIC FUZZY LINGUISTIC AHP METHOD AND ITS APPLICATION TO PRIORITIZATION OF INVESTMENT ALTERNATIVES

2019 ◽  
Vol 11 (1) ◽  
pp. 127-142 ◽  
Author(s):  
Ali Karasan
Keyword(s):  
Fuzzy Sets ◽  
Fuzzy Ahp ◽  
Decision Makers ◽  
Membership Degree ◽  
Intuitionistic Fuzzy Number ◽  
Ahp Method ◽  
Intuitionistic Fuzzy ◽  
The Stability ◽  
Fuzzy Linguistic ◽  
Hierarchy Process

Intuitionistic fuzzy extensions are the most used type of fuzzy extensions in the literature since they better represent decision makers strength of commitment on the considered subject in an effective way including membership and non-membership functions. On the other hand, decision makers may assign more than one intuitionistic fuzzy number in order to capture their hesitancies when they are hesitant in assigning a membership degree and a non-membership degree. Hesitant fuzzy sets, another extension of ordinary fuzzy sets, help decision makers to assign different values on the same element aiming at reflexing decision makers’ hesitation. Utilizing these two types of fuzzy sets capture both uncertainty and ambiguity of the considered problem and helps to eliminate the weaknesses of each fuzzy extension. In this study,hesitant intuitionistic fuzzy linguistic sets (HIFLSs) are used to extend the Analytical Hierarchy Process (AHP). The developed method is applied to investment prioritization problem, based on relevant risk factors. Comparative analyses with intuitionistic fuzzy AHP and hesitant fuzzy AHP methods are realized in order to validate the proposed method. A sensitivity analysis is also conducted for the stability of the results of the hesitant intuitionistic fuzzy linguistic AHP method.

An Application of Fuzzy Analytic Hierarchy Process to Overcapacity Absorbing Methods in Container Shipping

2020 ◽  
Vol 162 (A4) ◽  
Author(s):  
B Kamal ◽  
G Kara ◽  
O Okşaş
Keyword(s):  
Selection Criteria ◽  
Fuzzy Ahp ◽  
Supply And Demand ◽  
Sharp Decrease ◽  
Container Shipping ◽  
Ahp Method ◽  
Analytic Hierarchy ◽  
Slow Steaming ◽  
The Times ◽  
Hierarchy Process

The market in container shipping has been characterised as highly cyclical. In a depressed stage of the cycle, with a sharp decrease in demand, the gap between supply and demand widens significantly leading to a deepening overcapacity in the sector. In order to reduce overcapacity in the container shipping sector specific actions have been undertaken by such shipping operators. This paper describes a study which modelled certain selection criteria applied to overcapacity absorbing methods for containership companies. The relative ranking of each criterion was determined through a fuzzy- AHP method. In order to conduct the method, five main and twenty seven sub-criteria were determined. The results of this approach showed that during the times of a collapsed market the most preferred type of overcapacity absorbing method is to lay-up vessels, followed by adopting slow-steaming and thirdly, scrapping. Newbuilding contract cancellation/postponement and service suspension were found to have the least effect.

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