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Article

Bonferroni Probabilistic Ordered Weighted Averaging Operators Applied to Agricultural Commodities’ Price Analysis

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Universidad Autónoma de Occidente, Unidad Regional Culiacán, Culiacán 80200, Mexico
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Facultad de Ciencias Económicas y Administrativas, Escuela de Administración de Empresas, Universidad Pedagógica y Tecnológica de Colombia, Tunja 150003, Colombia
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Faculty of Economics and Administrative Sciences, Universidad Católica de la Santísima Concepción, Av. Alonso de Ribera 2850, Concepción 4030000, Chile
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Facultad de Contaduría y Ciencias Administrativas, Universidad Michoacana de San Nicolas de Hidalgo, Gral. Francisco J. Múgica S/N, C.U., Morelia 58030, Mexico
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Author to whom correspondence should be addressed.
Mathematics 2020, 8(8), 1350; https://doi.org/10.3390/math8081350
Received: 29 June 2020 / Revised: 3 August 2020 / Accepted: 8 August 2020 / Published: 12 August 2020
(This article belongs to the Special Issue Group Decision Making Based on Artificial Intelligence)
Financial markets have been characterized in recent years by their uncertainty and volatility. The price of assets is always changing so that the decisions made by consumers, producers, and governments about different products is not still accurate. In this situation, it is necessary to generate models that allow the incorporation of the knowledge and expectations of the markets and thus include in the results obtained not only the historical information, but also the present and future information. The present article introduces a new extension of the ordered weighted averaging (OWA) operator called the Bonferroni probabilistic ordered weighted average (B-POWA) operator. This operator is designed to unify in a single formulation the interrelation of the values given in a data set by the Bonferroni means and a weighted and probabilistic vector that models the attitudinal character, expectations, and knowledge of the decision-maker of a problem. The paper also studies the main characteristics and some families of the B-POWA operator. An illustrative example is also proposed to analyze the mathematical process of the operator. Finally, an application to corn price estimation designed to calculate the error between the price of an agricultural commodity using the B-POWA operator and a leading global market company is presented. The results show that the proposed operator exhibits a better general performance than the traditional methods. View Full-Text
Keywords: price forecasting; OWA operator; corn price; Bonferroni means; probabilistic operators price forecasting; OWA operator; corn price; Bonferroni means; probabilistic operators
MDPI and ACS Style

Espinoza-Audelo, L.F.; Olazabal-Lugo, M.; Blanco-Mesa, F.; León-Castro, E.; Alfaro-Garcia, V. Bonferroni Probabilistic Ordered Weighted Averaging Operators Applied to Agricultural Commodities’ Price Analysis. Mathematics 2020, 8, 1350. https://doi.org/10.3390/math8081350

AMA Style

Espinoza-Audelo LF, Olazabal-Lugo M, Blanco-Mesa F, León-Castro E, Alfaro-Garcia V. Bonferroni Probabilistic Ordered Weighted Averaging Operators Applied to Agricultural Commodities’ Price Analysis. Mathematics. 2020; 8(8):1350. https://doi.org/10.3390/math8081350

Chicago/Turabian Style

Espinoza-Audelo, Luis F., Maricruz Olazabal-Lugo, Fabio Blanco-Mesa, Ernesto León-Castro, and Victor Alfaro-Garcia. 2020. "Bonferroni Probabilistic Ordered Weighted Averaging Operators Applied to Agricultural Commodities’ Price Analysis" Mathematics 8, no. 8: 1350. https://doi.org/10.3390/math8081350

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