A comprehensive review of hybrid game theory techniques and multi-criteria decision-making methods

More studies trend to hybrid the game theory technique with the multi-criteria decision-making (MCDM) method to aid real-life problems. This paper provides a comprehensive review of the hybrid game theory technique and MCDM method. The fundamentals of game theory concepts and models are explained to make game theory principles clear to the readers. Moreover, the definitions and models are elaborated and classified to the static game, dynamic game, cooperative game and evolutionary game. Therefore, the hybrid game theory technique and MCDM method are reviewed and numerous applications studied from the past works of literature are highlighted. The result of the previous studies shows that the fundamental elements for both frameworks were studied in various ways with most of the past studies tend to integrate the static game with AHP and TOPSIS methods. Also, the integration of game theory techniques and MCDM methods was studied in various applications such as politics, economy, supply chain, engineering, water management problem, allocation problem and telecommunication network selection. The main contribution of the recent studies of employment between game theory technique and MCDM method are analyzed and discussed in detail which includes static and dynamic games in the non-cooperative game, cooperative game, both non-cooperative and cooperative games and evolutionary gam

A shapley trade-off ranking method for multi-criteria decision-making with defuzzification characteristic function

More studies tend to hybrid the game theory technique with the MCDM method to cater to real-situation problems. This paper provides a novel hybrid Shapley value solution concept in the cooperative game with the trade-off ranking method in MCDM. The fundamental methodology of the Shapley value solution concept and trade-off ranking method are explained to make the methodology clear to the readers. A Shapley trade-off ranking (S-TOR) method has been proposed to obtain the best solution to the fuzzy conflicting MCDM in the personnel selection problem. Thus, the triangular fuzzy number is used to represent the DMs evaluation. Then, the fuzzy number be transformed into crisp values using the defuzzification process. The future suggestions are the fuzzy system may be changed to real data for more practical problems, attempt to incorporate a comprehensive method to increase sharing-profit and decrease sharing-loss in the economy or financial problems, and other types of fuzzy numbers may be used to represent an evaluation of the DMs

A review of game theory and multi-criteria decision-making methods with 10 application to the oil production and price

The oil production and price issues have been discovered a long time ago, and always be a continuous problem to the globe especially during the current global threats of the coronavirus pandemic. This paper provides a literature review that involves game theory and multi-criteria decision-making (MCDM) methods with its applications to oil production and price problems. This paper identifies and analyses the use of the game theory and MCDM methods on oil production and price to compare the situation studied, to determine the model that has been used, the trend of past literature and also the details of the basic elements for the game theory framework. Therefore, the oil production and price problem using the game theory and MCDM methods are reviewed and numerous applications studied from the past works of literature are highlighted. The trend of oil production and price which used the game theory and MCDM methods based on the year 2001 till 2021 is still lacking sources from the Web of Science and Scopus databases. The main contribution of the recent study is the employment of the game theory and MCDM methods to the oil production and price problem

Cooperative game theory approach for portfolio sectoral selection before and after Malaysia general elections: GE13 versus GE14

The aim of this research is to provide a model for optimising the sectoral portfolio selection by using game theory during a general elections phase. We select stocks from Bursa Malaysia and calculate the payoff for each stock and its coalition sectors by averaging returns. The value of the game is at the same time the characteristic function of a multiple-player game which will be applied to obtain the Shapley value using the cooperative game theory approach for finding the optimal increment of the returns. We also compare the Shapley value percentages obtained for both periods of the 13th Malaysia General Election (GE13) and 14th Malaysia General Election (GE14) to indicate the impact of GE14 on investment. This research will lead to optimal portfolio selection before and after an election

A Review of Game Theory and Multi-Criteria Decision-Making Methods with 10 Application to the Oil Production and Price

The oil production and price issues have been discovered a long time ago, and always be a continuous problem to the globe especially during the current global threats of the coronavirus pandemic. This paper provides a literature review that involves game theory and multi-criteria decision-making (MCDM) methods with its applications to oil production and price problems. This paper identifies and analyses the use of the game theory and MCDM methods on oil production and price to compare the situation studied, to determine the model that has been used, the trend of past literature and also the details of the basic elements for the game theory framework. Therefore, the oil production and price problem using the game theory and MCDM methods are reviewed and numerous applications studied from the past works of literature are highlighted. The trend of oil production and price which used the game theory and MCDM methods based on the year 2001 till 2021 is still lacking sources from the Web of Science and Scopus databases. The main contribution of the recent study is the employment of the game theory and MCDM methods to the oil production and price problem. Keywords: Game theory; MCDM; oil production; oil pric

The portfolio optimization performance during Malaysia’s 2018 General Election by using noncooperative and cooperative game theory approach

Game theory approach is used in this study that involves two types of games which are noncooperative and cooperative. Noncooperative game is used to get the equilibrium solutions from each payoff matrix. From the solutions, the values then be used as characteristic functions of Shapley value solution concept in cooperative game. In this paper, the sectors are divided into three groups where each sector will have three different stocks for the game. This study used the companies that listed in Bursa Malaysia and the prices of each stock listed in this research obtained from Datastream. The rate of return of stocks are considered as an input to get the payoff from each stock and its coalition sectors. The value of game for each sector is obtained using Shapley value solution concepts formula to find the optimal increase of the returns. The Shapley optimal portfolio, naive diversification portfolio and market portfolio performances have been calculated by using Sharpe ratio. The Shapley optimal portfolio outperformed the naive diversification portfolio and market portfolio in 6 months before and after the GE14