An extended MULTIMOORA method for probabilistic linguistic multi-criteria group decision-making based on prospect theory

Abstract

The development of social economy has rendered the decision-making environment more complex. To better adapt to the environment and solve practical decision-making problems, this study uses the probabilistic linguistic terms set (PLTS) to describe qualitative information, which can not only provide every possible evaluation value, but can also yield the weight or proportion of these values. Based on the PLTS, we propose a probabilistic linguistic-dependent weighted average (PLDWA) operator; then, we establish the prospect theory-based multi-objective optimization by ratio analysis plus the full multiplicative form (MULTIMOORA) method (PT-MULTIMOORA) and extend it to the probabilistic linguistic information (PLI) environment. Moreover, we propose a final value determination method for the PT-MULTIMOORA method. Based on the combination of the PLDWA operator and the PT-MULTIMOORA method, we develop a novel approach to solve multiple criteria group decision making (MCGDM) problems with PLI. Two practical cases are demonstrated to verify the feasibility and superiority of the proposed method.