Ranking of Z-Numbers and Its Application in Decision Making

R. A. Aliev, O. H. Huseynov () and R. Serdaroglu ()
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R. A. Aliev: Joint MBA Program, USA, Azerbaijan, Azerbaijan State Oil and Industry University, 20 Azadlig Ave., AZ1010, Baku, Azerbaijan2Department of Computer Engineering, Near East University, Near East Boulevard, ZIP
O. H. Huseynov: The Research Laboratory of Intelligent Control and Decision Making Systems in Industry and Economics, Azerbaijan State Oil and Industry University, 20 Azadlig Ave., AZ1010, Baku, Azerbaijan
R. Serdaroglu: Banking and Finance Department, Faculty of Economics and Administrative Sciences Faculty, Near East University, Near East Boulevard, ZIP

International Journal of Information Technology & Decision Making (IJITDM), 2016, vol. 15, issue 06, 1503-1519

Abstract: Real-world decision problems in decision analysis, system analysis, economics, ecology, and other fields are characterized by fuzziness and partial reliability of relevant information. In order to deal with such information, Prof. Zadeh suggested the concept of a Z-number as an ordered pair Z=(A,B) of fuzzy numbers A and B, the first of which is a linguistic value of a variable of interest, and the second one is a linguistic value of probability measure of the first one, playing a role of reliability of information. Decision making under Z-number based information requires ranking of Z-numbers. In this paper we suggest a human-like fundamental approach for ranking of Z-numbers which is based on two main ideas. One idea is to compute optimality degrees of Z-numbers and the other one is to adjust the obtained degrees by using a human being’s opinion formalized by a degree of pessimism. Two examples and a real-world application are provided to show validity of the suggested research. A comparison of the proposed approach with the existing methods is conducted.

Keywords: Ranking; Z-number; fuzzy number; probability measure; fuzzy optimality; uncertainty aversion (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S0219622016500310

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