A multi-criteria decision-making with regret theory-based MULTIMOORA method under interval neutrosophic environment

Abstract

The MULTIMOORA (multiple multi-objective optimization by ratio analysis) method is useful for multiple criteria decision-making method. It is based on expected utility theory and assumes that decision makers are completely rational. However, some studies show that human beings are usually bounded rational, and their regret aversion behaviors play an important role in the decision-making process. Interval neutrosophic sets can more flexibly depict uncertain, incomplete and inconsistent information than single-valued neutrosophic sets. Therefore, this paper improves the traditional MULTIMOORA method by combining the regret theory under interval neutrosophic sets. Firstly, the regret theory is used to calculate the utility value and regret-rejoice value of each alternatives. Secondly, the criteria weights optimization model based on the maximizing deviation is constructed to obtain the weight vector. Then, the MULTIMOORA method is used to determine the order of the alternatives. Finally, an illustrative example about school selection is provided to demonstrate the feasibility of the proposed method. Sensitivity analysis shows the validity of the regret theory in the proposed method, and the ranking order change with different regret avoidance parameter. Comparisons are made with existing approaches to illustrate the advantage of the proposed method in reflecting decision makers’ psychological preference.