RESEARCH ON THE STOCHASTIC HYBRID MULTI-ATTRIBUTE DECISION MAKING METHOD BASED ON PROSPECT THEORY

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YU H.; LIU P.; JIN F.

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Journal Paper

Paper Information

Journal: Scientia Iranica Year:2014 | Volume:21 | Issue:3 (TRANSACTIONS E: INDUSTRIAL ENGINEERING) Page(s): 1105-1119

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Title

RESEARCH ON THE STOCHASTIC HYBRID MULTI-ATTRIBUTE DECISION MAKING METHOD BASED ON PROSPECT THEORY

Author(s)

YU H. | LIU P. | JIN F. | Issue Writer Certificate

Keywords

PROSPECT THEORY

INTERVAL PROBABILITY

UNCERTAIN LINGUISTIC VARIABLES

HYBRID DECISION MAKING

STOCHASTIC DECISIONMAKING

MULTI-ATTRIBUTE DECISION-MAKING

Abstract

With respect to stochastic hybrid multi-attribute decision making problems with INTERVAL PROBABILITY and unknown attribute weight, a multi-attribute decision making method, based on the PROSPECT THEORY, is proposed. To begin with, the hybrid attribute values, including real numbers, interval numbers, triangular fuzzy numbers, linguistic variables, UNCERTAIN LINGUISTIC VARIABLES and intuitionistic fuzzy values are converted to trapezoidal fuzzy numbers, and INTERVAL PROBABILITY is expressed by trapezoidal fuzzy probability. The prospect value function of the trapezoidal fuzzy numbers for every alternative, under every attribute, and every natural state, based on the decision-making reference point of each attribute and the weight function of trapezoidal fuzzy probability, is constructed, and, then, the prospect value of the attribute for every alternative is calculated through the prospect value function and the weight function. Then, a maximizing deviation method is used to determine the attribute weights and the weighted prospect value of the alternative is obtained by weighing the prospect values. All the alternatives are ranked according to the expected values of the weighted prospect values. Finally, an illustrate example is given to show the decision-making steps, and the inuence on decision making of dierent parameter values in value and weight functions and dierent decision-making reference points.

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APA: Copy

YU, H., LIU, P., & JIN, F.. (2014). RESEARCH ON THE STOCHASTIC HYBRID MULTI-ATTRIBUTE DECISION MAKING METHOD BASED ON PROSPECT THEORY. SCIENTIA IRANICA, 21(3 (TRANSACTIONS E: INDUSTRIAL ENGINEERING)), 1105-1119. SID. https://sid.ir/paper/290269/en

Vancouver: Copy

YU H., LIU P., JIN F.. RESEARCH ON THE STOCHASTIC HYBRID MULTI-ATTRIBUTE DECISION MAKING METHOD BASED ON PROSPECT THEORY. SCIENTIA IRANICA[Internet]. 2014;21(3 (TRANSACTIONS E: INDUSTRIAL ENGINEERING)):1105-1119. Available from: https://sid.ir/paper/290269/en

IEEE: Copy

H. YU, P. LIU, and F. JIN, “RESEARCH ON THE STOCHASTIC HYBRID MULTI-ATTRIBUTE DECISION MAKING METHOD BASED ON PROSPECT THEORY,” SCIENTIA IRANICA, vol. 21, no. 3 (TRANSACTIONS E: INDUSTRIAL ENGINEERING), pp. 1105–1119, 2014, [Online]. Available: https://sid.ir/paper/290269/en

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