CREATING A FUZZY LOGIC MULTICRITERIA ANALYSIS MODEL FOR PRIORITIZING PUBLIC INVESTMENTS USING TOTAL INVESTMENT COST, TIME SAVINGS AND ECONOMIC NET PRESENT VALUE

Guler Ovidiu - Vasile
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Guler Ovidiu - Vasile: UNIVERSITY OF ORADEA, ORADEA, ROMANIA

Annals - Economy Series, 2023, vol. 5, 75-83

Abstract: An important need at the level of society is represented by the desire to efficiently allocate public funds, taking into account the great existing needs. The current allocation of municipal funds is carried out, most of the time, without clear criteria. A positive example of the allocation of public funds is represented by projects financed from European funds, because there are clear criteria for projects that are financed from non-reimbursable external sources. Fuzzy logic models have applications in fields such as control theory or artificial intelligence. At the same time, fuzzy logic has been implemented in electronic products such as cameras, washing machines, air conditioners or microwave ovens. The innovative element of this model is represented by the combination of elements of economic analysis of investment projects and elements of modern analysis using fuzzy techniques. This multicriteria analysis with fuzzy logic (MAFL) uses 3 criteria (total investment cost per kilometre, time savings per kilometer and economic net present value per kilometer) extracted from the economic analysis of 3 investment projects. The selected project is P1 (Oradea – Arad highway) according to the application of the multicriteria algorithm with fuzzy logic (MAFL) which assumes that the selected project is the one with the maximum value in the column vector related to the projects (inference).

Keywords: model; prioritizing; public investments; multicriteria analysis; fuzzy logic; economic analysis; financial analysis (search for similar items in EconPapers)
Date: 2023
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