Rough-Number-Based Multiple-Criteria Group Decision-Making Method by Combining the BWM and Prospect Theory
Joint Authors
Source
Mathematical Problems in Engineering
Issue
Vol. 2020, Issue 2020 (31 Dec. 2020), pp.1-16, 16 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2020-02-21
Country of Publication
Egypt
No. of Pages
16
Main Subjects
Abstract EN
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.
American Psychological Association (APA)
Jia, Fan& Wang, Xingyuan. 2020. Rough-Number-Based Multiple-Criteria Group Decision-Making Method by Combining the BWM and Prospect Theory. Mathematical Problems in Engineering،Vol. 2020, no. 2020, pp.1-16.
https://search.emarefa.net/detail/BIM-1201546
Modern Language Association (MLA)
Jia, Fan& Wang, Xingyuan. Rough-Number-Based Multiple-Criteria Group Decision-Making Method by Combining the BWM and Prospect Theory. Mathematical Problems in Engineering No. 2020 (2020), pp.1-16.
https://search.emarefa.net/detail/BIM-1201546
American Medical Association (AMA)
Jia, Fan& Wang, Xingyuan. Rough-Number-Based Multiple-Criteria Group Decision-Making Method by Combining the BWM and Prospect Theory. Mathematical Problems in Engineering. 2020. Vol. 2020, no. 2020, pp.1-16.
https://search.emarefa.net/detail/BIM-1201546
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-1201546