Abstract
To depict the influence of decision makers’ risk psychology on the interval-valued intuitionistic fuzzy multi-criteria decision-making process, this paper proposes a new method based on prospect theory. Considering the risk attitude of the decision maker, we transform interval-valued intuitionistic fuzzy numbers into real numbers via a prospect value function and consequently derive the prospect decision matrices. Regarding the criteria weights that are incompletely known or completely unknown, a new nonlinear optimization model is developed to determine the criteria weights by considering the subjective and objective factors. Furthermore, we calculate the prospect projection of each alternative for the ideal solution and rank all the alternatives according to the prospect projection values. Finally, an example is provided to illustrate the application of the developed approach.
Highlights
Multi-criteria decision-making (MCDM) is an important component of modern decision-making science, and has been extensively used in economics, management, engineering, military, and society, among others [1,2,3,4,5]
Due to the complexity and uncertainty of the decision-making environment, many researchers have focused on the intuitionistic fuzzy set (IFS) [6], which is substantially useful in dealing with vagueness
(1) To investigate the impact of decision maker (DM) psychological factors on the decision-making result, a new prospect projection approach is proposed to solve interval-valued intuitionistic fuzzy MCDM problems based on prospect theory; (2) To determine the optimal criteria weights, we construct a new optimization model combining the subjective preference of DM and the objective information of the evaluation matrix, which overcomes the sole consideration of either subjective or objective effect; (3) To facilitate the alternative selection judgment, the ranking order of the alternatives is derived by calculating the prospect projection values considering the projections onto positive ideal solution (PIS) and negative ideal solution (NIS) comprehensively
Summary
Multi-criteria decision-making (MCDM) is an important component of modern decision-making science, and has been extensively used in economics, management, engineering, military, and society, among others [1,2,3,4,5]. (1) To investigate the impact of DMs psychological factors on the decision-making result, a new prospect projection approach is proposed to solve interval-valued intuitionistic fuzzy MCDM problems based on prospect theory; (2) To determine the optimal criteria weights, we construct a new optimization model combining the subjective preference of DM and the objective information of the evaluation matrix, which overcomes the sole consideration of either subjective or objective effect; (3) To facilitate the alternative selection judgment, the ranking order of the alternatives is derived by calculating the prospect projection values considering the projections onto positive ideal solution (PIS) and negative ideal solution (NIS) comprehensively.
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