Abstract
Recently, wide applications of fuzzy set theory have attracted the attention of both researchers and practitioners. Fuzzy portfolio develops as a new area in the research field of investment portfolio. This paper investigates the major research hotspots, development trend, and evolution of fuzzy portfolio, which provides a systematic review of the current fuzzy portfolio literature. CiteSpace, the most commonly used bibliometrics software, is used in this article. According to the 602 articles with 15132 references, several conclusions can be summarized as follows: (1) Fuzzy portfolio becomes increasingly interdisciplinary with the connections among “Computer Science” and so on. (2) Most contributive authors are Markowitz and Zadeh. (3) South China University of Technology makes excellent performance in this research area and China is the most influential country. (4) European Journal of Operations Research is the cradle of plenty of crucial fuzzy portfolio investigations. (5) We find some research hotspots helpful to make scientific predictions of future trends by analyzing the keywords. By utilizing the effective bibliometric methods, we provide a comprehensive analysis and deep insights into the fuzzy portfolio research, enabling the individuals, especially the new beginners who are interested in this area to learn fuzzy portfolio, which will be of great help for their future explorations.
Highlights
In the financial market, investment portfolios are attracting investors’ attention as an effective risk-distributing tool
By utilizing the effective bibliometric methods, we provide a comprehensive analysis and deep insights into the fuzzy portfolio research, enabling the individuals, especially the new beginners who are interested in this area to learn fuzzy portfolio, which will be of great help for their future explorations
Fuzzy portfolio refers to the application of fuzzy logic to the selection of portfolio and the construction of the model to achieve the goal of optimizing the investment portfolio. e relevant research has grown since the introduction of the fuzzy portfolio, and such articles that apply fuzzy logic variables, fuzzy logic functions, and likelihood reasoning to portfolio optimization and selection have laid a theoretical foundation for finding breakthroughs in solving ambiguities in investment
Summary
Investment portfolios are attracting investors’ attention as an effective risk-distributing tool. Fuzzy portfolio refers to the application of fuzzy logic to the selection of portfolio and the construction of the model to achieve the goal of optimizing the investment portfolio. Previous theories show that the uncertainty of portfolio selection problems consists of random uncertainty and fuzzy uncertainty. At is the reason that there are a growing number of researchers focusing on applying fuzzy decision theory on portfolio research. An investment decision-making activity is affected by many human factors such as social, psychological, subjective will, and work experience. Zadeh [1] proposed possibility theory which makes an outstanding contribution to the solution of the uncertainty of subject decision-making field in the portfolio. Ostermark [2] used fuzzy decision theory to study the dynamic portfolio problem with a riskfree asset and multiple risk assets, and a fuzzy control model was proposed. Tanaka and Guo [3] identified two kinds of possibility distributions to reflect experts’ knowledge in portfolio selection problems. ese are some basic theories to select the optimal investment ratios
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