A contribution to consensus modeling in decision-making by means of linguistic assessments

Decision-making is an active field of research. Specifically, in recent times, a lot of contributions have been presented on decision-making under linguistic assessments. To tackle this kind of processes, hesitant fuzzy linguistic term sets have been introduced to grasp the uncertainty inherent in human reasoning when expressing preferences. This thesis introduces an extension of the set of hesitant fuzzy linguistic term sets to capture differences between non-compatible assessments. Based on this extension, a distance between linguistic assessments is defined to quantify differences between several opinions. This distance is used in turn to present a representative opinion from a group in a decision-making process. In addition, different consensus measures are introduced to determine the level of agreement or disagreement within a decision-making group and are used to define a decision maker’s profile to keep track of their dissension with respect to the group as well as their level of hesitancy. Furthermore, with the aim of allowing decision makers to choose the linguistic terms that they feel more comfortable with, the concept of free double hierarchy hesitant fuzzy linguistic term set is developed in this thesis. Finally, a new approach of the TOPSIS methodology for processes in which the assessments are given by means of free double hierarchy hesitant fuzzy information is presented to rank alternatives under these circumstances.Postprint (published version

The risk assessment of construction project investment based on prospect theory with linguistic preference orderings

Multiple experts decision-making (MEDM) can be regarded as a situation where a group of experts are invited to provide their opinions by evaluating the given alternatives, and then select the optimal alternative(s). As a useful linguistic expression model, linguistic preference orderings (LPOs) were established in which the order of alternatives and the relationships between two adjacent alternatives are fused well. Considering that prospect theory has the superiority in depicting risk attitudes (risk seeking for losses and risk aversion for gains) during the uncertain decision-making process, this paper develops a consensus model based on prospect theory to deal with MEDM problems with LPOs. Firstly, each LPO provided by expert is transformed into the responding DHLPR with complete consistency. Then, the reference point of expert is determined and the prospect preference matrix is established. Moreover, we can obtain the overall prospect consensus degree for a MEDM problem by calculating the similarity degree between individual and collective prospect preference matrix. Furthermore, a consensus improvement method is developed to complete the consensus reaching process. Finally, we apply the proposed method to deal with a practical MEDM problem involving the construction project investment, and make some comparative analyses with existing methods.National Natural Science Foundation of China (NSFC) 71771155China Postdoctoral Science Foundation 2020M680151Sichuan Postdoctoral Science special FoundationSichuan University Postdoctoral Interdisciplinary Innovation Startup FoundationFundamental Research Funds for the Central Universities YJ202015European Union (EU) TIN2016-75850-RSichuan Province System Science and Enterprise Development Research Center Xq20B0

A systematic review on multi-criteria group decision-making methods based on weights: analysis and classification scheme

Interest in group decision-making (GDM) has been increasing prominently over the last decade. Access to global databases, sophisticated sensors which can obtain multiple inputs or complex problems requiring opinions from several experts have driven interest in data aggregation. Consequently, the field has been widely studied from several viewpoints and multiple approaches have been proposed. Nevertheless, there is a lack of general framework. Moreover, this problem is exacerbated in the case of experts’ weighting methods, one of the most widely-used techniques to deal with multiple source aggregation. This lack of general classification scheme, or a guide to assist expert knowledge, leads to ambiguity or misreading for readers, who may be overwhelmed by the large amount of unclassified information currently available. To invert this situation, a general GDM framework is presented which divides and classifies all data aggregation techniques, focusing on and expanding the classification of experts’ weighting methods in terms of analysis type by carrying out an in-depth literature review. Results are not only classified but analysed and discussed regarding multiple characteristics, such as MCDMs in which they are applied, type of data used, ideal solutions considered or when they are applied. Furthermore, general requirements supplement this analysis such as initial influence, or component division considerations. As a result, this paper provides not only a general classification scheme and a detailed analysis of experts’ weighting methods but also a road map for researchers working on GDM topics or a guide for experts who use these methods. Furthermore, six significant contributions for future research pathways are provided in the conclusions.The first author acknowledges support from the Spanish Ministry of Universities [grant number FPU18/01471]. The second and third author wish to recognize their support from the Serra Hunter program. Finally, this work was supported by the Catalan agency AGAUR through its research group support program (2017SGR00227). This research is part of the R&D project IAQ4EDU, reference no. PID2020-117366RB-I00, funded by MCIN/AEI/10.13039/ 501100011033.Peer ReviewedPostprint (published version

Combined probabilistic linguistic term set and ELECTRE II method for solving a venture capital project evaluation problem

Multiple criteria decision making (MCDM) frameworks assist people in assessing alternatives and making reasonable decisions, with the ELECTRE II MCDM method in particular being widely applied to many diverse fields. As it is not always possible to assess qualitative attributes or accurately evaluate alternatives using precise values, this paper proposes a new approach that combines the ELECTRE II method with probabilistic linguistic term sets (PLTS) to allow decision makers to state their qualitative preferences using corresponding probabilities. To demonstrate the viability of the PTLS-ELECTRE II method and assess its practicability, the proposed method was applied to a typical MCDM venture capital project evaluation problem, for which a comprehensive venture capital project evaluation index system was constructed that included multiple qualitative and quantitative indicators, such as industry background, marketing, product technology, team management and financial data. The reasonable evaluation sequence of alternatives was then determined using the PTLS-ELECTRE II method which can provide more accurate MCDM decisions

A multidimensional decision with nested probabilistic linguistic term sets and its application in corporate investment

With the rapid development of information, decision making problems in various fields have presented multidimensional, complex and uncertain characteristics. Nested probabilistic-numerical linguistic term set (NPNLTS) is an effective tool to describe complex information due to the nested structure and diverse variables. This paper extends the concept of NPNLTS, and defines an improved form, i.e., nested probabilistic linguistic term set (NPLTS), and then proposes a novel VIKOR method with nested probabilistic linguistic information to solve the model. Within the context of empirical corporate finance, a case study related to corporate investment decision is presented and handled by the novel VIKOR method. After that, comparative analysis is carried out considering other decision-making methods, decision coefficient in VIKOR, and weights of attributes. As a result, the proposed method not only provides a rational and effective solution, but also reveals the rule in the case when decision coefficient and weights of attributes change, respectively. Finally, we discuss the proposed method from the theoretical and application aspects with a view to guiding future research. To a certain extent, this study provides a new decision environment to deal with multidimensional problems

An overview of fuzzy multi-criteria decisionmaking methods in hospitality and tourism industries: bibliometrics, methodologies, applications and future directions

Stakeholders in hospitality and tourism industries are involved in many decision-making scenarios. Multi-criteria decision-making (MCDM) methods have been widely used in hospitality and tourism industries. Although some articles summarised the applications of MCDM models in hospitality and tourism industries, they ignored the fuzziness of individual cognition in an uncertain environment. In addition, these surveys lacked a comprehensive overview from the perspective of bibliometrics analysis and content analysis regarding the whole hospitality and tourism industries. To analyse the applications of fuzzy MCDM methods in hospitality and tourism industries and further explore future research directions, this article reviews 85 selected papers published from 1997 to 2022 regarding fuzzy MCDM models applied in hospitality and tourism industries. Through analysing the results of bibliometric analysis, methodologies and applications, we found that analytic hierarchy process (AHP) and TOPSIS methods are the most widely used MCDM methods, and tourism evaluation, hotel evaluation and selection, tourism destination evaluation and selection are the most attractive research issues in hospitality and tourism industries. Finally, future research directions are proposed from three aspects. This article provides insights for researchers and practitioners who have interest in fuzzy MCDM models in hospitality and tourism industries

Hesitant Fuzzy Linguistic Analytic Hierarchical Process With Prioritization, Consistency Checking, and Inconsistency Repairing

Analytic hierarchy process (AHP), as one of the most important methods to tackle multiple criteria decision-making problems, has achieved much success over the past several decades. Given that linguistic expressions are much closer than numerical values or single linguistic terms to a human way of thinking and cognition, this paper investigates the AHP with comparative linguistic expressions. After providing the snapshot of classical AHP and its fuzzy extensions, we propose the framework of hesitant fuzzy linguistic AHP, which shows how to yield a decision for qualitative decision-making problems with complex linguistic expressions. First, the comparative linguistic expressions over criteria or alternatives are transformed into hesitant fuzzy linguistic elements and then the hesitant fuzzy linguistic preference relations (HFLPRs) are constructed. Considering that HFLPRs may be inconsistent, we conduct consistency checking and improving processes after obtaining priorities from the HFLPRs based on a linear programming method. Regarding the consistency-improving process, we develop a new way to establish a perfectly consistent HFLPR. The procedure of the hesitant fuzzy linguistic AHP is given in stepwise. Finally, a numerical example concerning the used-car management in a lemon market is given to illustrate the ef ciency of the proposed hesitant fuzzy linguistic AHP method.This work was supported in part by the National Natural Science Foundation of China under Grant 71771156, in part by the 2019 Sichuan Planning Project of Social Science under Grant SC18A007, in part by the 2019 Soft Science Project of Sichuan Science and Technology Department under Grant 2019JDR0141, and in part by the Project of Innovation at Sichuan University under Grant 2018hhs-43

A contribution to consensus modeling in decision-making by means of linguistic assessments

Decision-making is an active field of research. Specifically, in recent times, a lot of contributions have been presented on decision-making under linguistic assessments. To tackle this kind of processes, hesitant fuzzy linguistic term sets have been introduced to grasp the uncertainty inherent in human reasoning when expressing preferences. This thesis introduces an extension of the set of hesitant fuzzy linguistic term sets to capture differences between non-compatible assessments. Based on this extension, a distance between linguistic assessments is defined to quantify differences between several opinions. This distance is used in turn to present a representative opinion from a group in a decision-making process. In addition, different consensus measures are introduced to determine the level of agreement or disagreement within a decision-making group and are used to define a decision maker’s profile to keep track of their dissension with respect to the group as well as their level of hesitancy. Furthermore, with the aim of allowing decision makers to choose the linguistic terms that they feel more comfortable with, the concept of free double hierarchy hesitant fuzzy linguistic term set is developed in this thesis. Finally, a new approach of the TOPSIS methodology for processes in which the assessments are given by means of free double hierarchy hesitant fuzzy information is presented to rank alternatives under these circumstances

A double interaction-based financing group decisionmaking framework considering uncertain information and inconsistent assessment

Financing group decision-making (FGDM), which is an important stage of project financing, has unique characteristics: large investments and long payback horizons. Its evaluation results are likely to be distorted if we ignore the uncertain information and inconsistent assessment during the decision-making process. In this study, we propose a double interaction-based FGDM framework under uncertain information and inconsistent assessment. We modify the weight setting of evidence reasoning and aggregation method of probabilistic linguistic term sets to process the above two issues. The proposed framework is applied in a detailed case study analysis to display its effectiveness and stability. We expect the double interaction-based group decision-making framework under uncertain information and inconsistent assessment to be a useful tool to understand FGDM processes