Probabilistic hesitant fuzzy multiple attribute decisionmaking based on regret theory for the evaluation of venture capital projects

The selection of venture capital investment projects is one of the most important decision-making activities for venture capitalists. Due to the complexity of investment market and the limited cognition of people, most of the venture capital investment decision problems are highly uncertain and the venture capitalists are often bounded rational under uncertainty. To address such problems, this article presents an approach based on regret theory to probabilistic hesitant fuzzy multiple attribute decision-making. Firstly, when the information on the occurrence probabilities of all the elements in the probabilistic hesitant fuzzy element (P.H.F.E.) is unknown or partially known, two different mathematical programming models based on water-filling theory and the maximum entropy principle are provided to handle these complex situations. Secondly, to capture the psychological behaviours of venture capitalists, the regret theory is utilised to solve the problem of selection of venture capital investment projects. Finally, comparative analysis with the existing approaches is conducted to demonstrate the feasibility and applicability of the proposed method

Research Agenda on Multiple-Criteria Decision-Making: New Academic Debates in Business and Management

[EN] Systemic disruptions are becoming more continuous, intense, and persistent. Their effects have a severe impact on the economy in volatile, uncertain, complex, and ambiguous (VUCA) environments that are increasingly transversal to productive sectors and activities. Researchers have intensified their academic production of multiple-criteria decision-making (MCDM) in recent years. This article analyzes the research agenda through a systematic review of scientific articles in the Web of Science Core Collection according to the Journal Citation Report (JCR), both in the Social Sciences Citation Index (SSCI) and in the Science Citation Index Expanded (SCIE). According to the selected search criteria, 909 articles on MCDM published between 1979 and 2022 in Web of Science journals in the business and management categories were located. A bibliometric analysis of the main thematic clusters, the international collaboration networks, and the bibliographic coupling of articles was carried out. In addition, the analysis period is divided into two subperiods (1979¿2008 and 2009¿2022), establishing 2008 as the threshold, the year of the Global Financial Crisis (GFC), to assess the evolution of the research agenda at the beginning of systemic disruptions. The bibliometric analysis allows the identification of the motor, basic, specialized, and emerging themes of each subperiod. The results show the similarities and differences between the academic debate before and after the GFC. The evidence found allows academics to be guided in their high-impact research in business and management using MCDM methodologies to address contemporary challenges. An important contribution of this study is to detect gaps in the literature, highlighting unclosed gaps and emerging trends in the field of study for journal editors.Castello-Sirvent, F.; Meneses-Eraso, C. (2022). Research Agenda on Multiple-Criteria Decision-Making: New Academic Debates in Business and Management. Axioms. 11(10):1-37. https://doi.org/10.3390/axioms11100515137111

Decision-making algorithm based on Pythagorean fuzzy environment with probabilistic hesitant fuzzy set and Choquet integral

The Pythagorean Probabilistic Hesitant Fuzzy (PyPHF) Environment is an amalgamation of the Pythagorean fuzzy set and the probabilistic hesitant fuzzy set that is intended for some unsatisfactory, ambiguous, and conflicting situations where each element has a few different values created by the reality of the situation membership hesitant function and the falsity membership hesitant function with probability. The decision-maker can efficiently gather and analyze the information with the use of a strategic decision-making technique. In contrast, ambiguity will be a major factor in our daily lives while gathering information. We describe a decision-making technique in the PyPHF environment to deal with such data uncertainty. The fundamental operating principles for PyPHF information under Choquet Integral were initially established in this study. Then, we put up a set of new aggregation operator names, including Pythagorean probabilistic hesitant fuzzy Choquet integral average and Pythagorean probabilistic hesitant fuzzy Choquet integral geometric aggregation operators. Finally, we explore a multi-attribute decision-making (MADM) algorithm based on the suggested operators to address the issues in the PyPHF environment. To demonstrate the work and contrast the findings with those of previous studies, a numerical example is provided. Additionally, the paper provides sensitivity analysis and the benefits of the stated method to support and reinforce the research

Investment decision making along the B&R using critic approach in probabilistic hesitant fuzzy environment

The Belt and Road (B&R) Initiative receives enthusiastic response, the aim of which is to develop cooperative partnerships with countries along the routes and build a community of common destiny. So far, Chinese companies have invested in many different countries along the B&R. Generally, the investment decision making problems are characterized by high risk and uncertainty. Then how to make an appropriate investment decision will be a thorny issue. In this paper, probabilistic hesitant fuzzy set (PHFS) is used for handling uncertainty in multiple attribute decision making (MADM), and the criteria importance through intercriteria correlation (CRITIC) approach is extended to obtain attribute weights, no matter whether the weight information is incompletely known or not. Considering that the existing probabilistic hesitant fuzzy distance measures fail to meet the condition of distance measure, a new distance between PHFSs is proposed and applied to investment decision making for countries along the B&R. In the last, comparative analyses are performed to illustrate the advantages of the presented approach

Hesitant Probabilistic Fuzzy Preference Relations in Decision Making

Preference of an alternative over another alternative is a useful way to express the opinion of decision maker. In the process of group decision making, preference relations are used in preference modelling of the alternatives under given criteria. The probability is an important tool to deal with uncertainty; in many scenarios of decision making probabilities of different events affect the decision making process directly. In order to deal with this issue, in this paper, hesitant probabilistic fuzzy preference relation (HPFPR) is defined. Furthermore, consistency of HPFPR and consensus among decision makers are studied in the hesitant probabilistic fuzzy environment. In this respect, many novel algorithms are developed to achieve consistency of HPFPRs and reasonable consensus between decision makers and a final algorithm is proposed comprehending all other algorithms, presenting a complete decision support model for group decision making. Lastly, we present a case study with complete illustration of the proposed model and discussed the effects of probabilities on decision making validating the importance of the introduction of probability in hesitant fuzzy preference relation

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

Fuzzy Mathematics

This book provides a timely overview of topics in fuzzy mathematics. It lays the foundation for further research and applications in a broad range of areas. It contains break-through analysis on how results from the many variations and extensions of fuzzy set theory can be obtained from known results of traditional fuzzy set theory. The book contains not only theoretical results, but a wide range of applications in areas such as decision analysis, optimal allocation in possibilistics and mixed models, pattern classification, credibility measures, algorithms for modeling uncertain data, and numerical methods for solving fuzzy linear systems. The book offers an excellent reference for advanced undergraduate and graduate students in applied and theoretical fuzzy mathematics. Researchers and referees in fuzzy set theory will find the book to be of extreme value

Sustainable cloud service provider development by a Z-number-based DNMA method with Gini-coefficient-based weight determination

The sustainable development of cloud service providers (CSPs) is a significant multiple criteria decision making (MCDM) problem, involving the intrinsic relations among multiple alternatives, (quantitative and qualitative) decision criteria and decision-experts for the selection of trustworthy CSPs. Most existing MCDM methods for CSP selection incorporated only one normalization technique in benefit and cost criteria, which would mislead the decision results and limit the applications of these methods. In addition, these methods did not consider the reliability of information given by decision-makers. Given these research gaps, this study introduces a Z-number-based double normalization-based multiple aggregation (DNMA) method to tackle quantitative and qualitative criteria in forms of benefit, cost, and target types for sustainable CSP development. We extend the original DNMA method to the Z-number environment to handle the uncertain and unreliability information of decision-makers. To make trade-offs between normalized criteria values, we develop a Gini-coefficient based weighting method to replace the mean-square-based weighting method used in the original DNMA method to enhance the applicability and isotonicity of the DNMA method. A case study is conducted to demonstrate the effectiveness of the proposed method. Furthermore, comparative analysis and sensitivity analysis are implemented to test the stability and applicability of the proposed method.info:eu-repo/semantics/publishedVersio