Black-Litterman model with intuitionistic fuzzy posterior return

The main objective is to present a some variant of the Black - Litterman model. We consider the canonical case when priori return is determined by means such excess return from the CAPM market portfolio which is derived using reverse optimization method. Then the a priori return is at risk quantified uncertainty. On the side, intensive discussion shows that the experts' views are under knightian uncertainty. For this reason, we propose such variant of the Black - Litterman model in which the experts' views are described as intuitionistic fuzzy number. The existence of posterior return is proved for this case.We show that then posterior return is an intuitionistic fuzzy probabilistic set.Comment: SSRN Electronic Journal 201

Evaluating strategies for implementing industry 4.0: a hybrid expert oriented approach of B.W.M. and interval valued intuitionistic fuzzy T.O.D.I.M.

open access articleDeveloping and accepting industry 4.0 influences the industry structure and customer willingness. To a successful transition to industry 4.0, implementation strategies should be selected with a systematic and comprehensive view to responding to the changes flexibly. This research aims to identify and prioritise the strategies for implementing industry 4.0. For this purpose, at first, evaluation attributes of strategies and also strategies to put industry 4.0 in practice are recognised. Then, the attributes are weighted to the experts’ opinion by using the Best Worst Method (BWM). Subsequently, the strategies for implementing industry 4.0 in Fara-Sanat Company, as a case study, have been ranked based on the Interval Valued Intuitionistic Fuzzy (IVIF) of the TODIM method. The results indicated that the attributes of ‘Technology’, ‘Quality’, and ‘Operation’ have respectively the highest importance. Furthermore, the strategies for “new business models development’, ‘Improving information systems’ and ‘Human resource management’ received a higher rank. Eventually, some research and executive recommendations are provided. Having strategies for implementing industry 4.0 is a very important solution. Accordingly, multi-criteria decision-making (MCDM) methods are a useful tool for adopting and selecting appropriate strategies. In this research, a novel and hybrid combination of BWM-TODIM is presented under IVIF information

Matrix Game with Payoffs Represented by Triangular Dual Hesitant Fuzzy Numbers

Matrix Game with Payoffs RepresentedDue to the complexity of information or the inaccuracy of decision-makers’ cognition, it is difficult for experts to quantify the information accurately in the decision-making process. However, the integration of the fuzzy set and game theory provides a way to help decision makers solve the problem. This research aims to develop a methodology for solving matrix game with payoffs represented by triangular dual hesitant fuzzy numbers (TDHFNs). First, the definition of TDHFNs with their cut sets are presented. The inequality relations between two TDHFNs are also introduced. Second, the matrix game with payoffs represented by TDHFNs is investigated. Moreover, two TDHFNs programming models are transformed into two linear programming models to obtain the numerical solution of the proposed fuzzy matrix game. Furthermore, a case study is given to to illustrate the efficiency and applicability of the proposed methodology. Our results also demonstrate the advantage of the proposed concept of TDHFNs

Fairness in online vehicle-cargo matching: An intuitionistic fuzzy set theory and tripartite evolutionary game approach

This paper explores the concept of fairness and equitable matching in an on-line vehicle-cargo matching setting, addressing the varying degrees of satisfaction experienced by shippers and carriers. Relevant indicators for shippers and carriers in the on-line matching process are categorized as attributes, expectations, and reliability, which are subsequent quantified to form satisfaction indicators. Employing the intuitionistic fuzzy set theory, we devise a transformed vehicle-cargo matching optimization model by combining the fuzzy set's membership, non-membership, and uncertainty information. Through an adaptive interactive algorithm, the matching scheme with fairness concerns is solved using CPLEX. The effectiveness of the proposed matching mechanism in securing high levels of satisfaction is established by comparison with three benchmark methods. To further investigate the impact of considering fairness in vehicle-cargo matching, a shipper-carrier-platform tripartite evolutionary game framework is developed under the waiting response time cost (WRTC) sharing mechanism. Simulation results show that with fairness concerns in vehicle-cargo matching, all stakeholders are better off: The platform achieves positive revenue growth, and shippers and carriers receive positive subsidy. This study offers both theoretical insights and practical guidance for the long-term and stable operation of the on-line freight stowage industry.Comment: 36 pages, 15 figure

Performance Evaluation of 198 Village Governments using Fuzzy TOPSIS and Intuitionistic Fuzzy TOPSIS

Currently, volatility, uncertainty, complexity, and ambiguity (VUCA) have become unavoidable problems. In addition, knowledge or information that is not managed properly can result in inappropriate decision-making processes within an organization. Business Intelligence conception is then becoming an essential view for converting unstructured data and information into a more actionable strategic plan that allows organizations to make competitive decisions. Village Government (VG) is the smallest organization in the Indonesian government system because VG implemented regulation and development programs in all areas of a national government. VG executes a series of tasks every year starting from planning, budgeting, administrating, executing, and reporting. However, the important role of VG in the development of a country brings also some drawbacks such as corruption and other domino effects. Several factors have been identified that cause those problems such as lack of capabilities in managing village organization and human resources quality. Monitoring and evaluation regarding those VG performances normally have been done each year. However, measurable evaluation standard for VG performance until recently has not been determined nationally. This study is intended to make a comprehensive standard of village government performance assessment through a Good Governance Framework approach. This study involved 198 villages from Madiun Regency as a case study. Seventy-four measured parameters were proposed to evaluate VG performance mapping. Fuzzy TOPSIS is implemented to rank those 198 villages into 4 groups of VG performance levels. The fuzzy TOPSIS classification result has been validated by using manual scoring and the accuracy reached 86,4%

The Encyclopedia of Neutrosophic Researchers - vol. 1

This is the first volume of the Encyclopedia of Neutrosophic Researchers, edited from materials offered by the authors who responded to the editor’s invitation. The authors are listed alphabetically. The introduction contains a short history of neutrosophics, together with links to the main papers and books. Neutrosophic set, neutrosophic logic, neutrosophic probability, neutrosophic statistics, neutrosophic measure, neutrosophic precalculus, neutrosophic calculus and so on are gaining significant attention in solving many real life problems that involve uncertainty, impreciseness, vagueness, incompleteness, inconsistent, and indeterminacy. In the past years the fields of neutrosophics have been extended and applied in various fields, such as: artificial intelligence, data mining, soft computing, decision making in incomplete / indeterminate / inconsistent information systems, image processing, computational modelling, robotics, medical diagnosis, biomedical engineering, investment problems, economic forecasting, social science, humanistic and practical achievements

The dynamics of consensus in group decision making: investigating the pairwise interactions between fuzzy preferences.

In this paper we present an overview of the soft consensus model in group decision making and we investigate the dynamical patterns generated by the fundamental pairwise preference interactions on which the model is based. The dynamical mechanism of the soft consensus model is driven by the minimization of a cost function combining a collective measure of dissensus with an individual mechanism of opinion changing aversion. The dissensus measure plays a key role in the model and induces a network of pairwise interactions between the individual preferences. The structure of fuzzy relations is present at both the individual and the collective levels of description of the soft consensus model: pairwise preference intensities between alternatives at the individual level, and pairwise interaction coefficients between decision makers at the collective level. The collective measure of dissensus is based on non linear scaling functions of the linguistic quantifier type and expresses the degree to which most of the decision makers disagree with respect to their preferences regarding the most relevant alternatives. The graded notion of consensus underlying the dissensus measure is central to the dynamical unfolding of the model. The original formulation of the soft consensus model in terms of standard numerical preferences has been recently extended in order to allow decision makers to express their preferences by means of triangular fuzzy numbers. An appropriate notion of distance between triangular fuzzy numbers has been chosen for the construction of the collective dissensus measure. In the extended formulation of the soft consensus model the extra degrees of freedom associated with the triangular fuzzy preferences, combined with non linear nature of the pairwise preference interactions, generate various interesting and suggestive dynamical patterns. In the present paper we investigate these dynamical patterns which are illustrated by means of a number of computer simulations.