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Information 2016, 7(4), 64; doi:10.3390/info7040064

A New Prospect Projection Multi-Criteria Decision-Making Method for Interval-Valued Intuitionistic Fuzzy Numbers

1
and
1,2,*
1
School of Economics and Management, North China Electric Power University, Beijing 102206, China
2
Department of Industrial and Systems Engineering, North Carolina State University, Raleigh, NC 27695, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Willy Susilo
Received: 25 July 2016 / Revised: 23 October 2016 / Accepted: 28 October 2016 / Published: 3 November 2016
View Full-Text   |   Download PDF [8057 KB, uploaded 3 November 2016]   |  

Abstract

To depict the influence of decision makers’ risk psychology on the interval-valued intuitionistic fuzzy multi-criteria decision-making process, this paper proposes a new method based on prospect theory. Considering the risk attitude of the decision maker, we transform interval-valued intuitionistic fuzzy numbers into real numbers via a prospect value function and consequently derive the prospect decision matrices. Regarding the criteria weights that are incompletely known or completely unknown, a new nonlinear optimization model is developed to determine the criteria weights by considering the subjective and objective factors. Furthermore, we calculate the prospect projection of each alternative for the ideal solution and rank all the alternatives according to the prospect projection values. Finally, an example is provided to illustrate the application of the developed approach. View Full-Text
Keywords: multi-criteria decision-making; prospect theory; interval-valued intuitionistic fuzzy set; risk attitude multi-criteria decision-making; prospect theory; interval-valued intuitionistic fuzzy set; risk attitude
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Gao, J.; Liu, H. A New Prospect Projection Multi-Criteria Decision-Making Method for Interval-Valued Intuitionistic Fuzzy Numbers. Information 2016, 7, 64.

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