Dynamic Hybrid Multiple Attribute Decision-Making Problem Based on Reference Point Adaptation

Wei-Min Ma, Hui Zhang, Bing-Zhen Sun, Neng-Li Wang and Hai-Yan Zhao

Mathematical Problems in Engineering, 2019, vol. 2019, 1-8

Abstract:

Individuals’ decision-making depends on reference points in prospect theory. This research considers the bounded rationality of decision makers and constructs a dynamic hybrid multiple attribute decision-making (DHMADM) model. Unlike existing models, the DHMADM model focuses on dynamic reference point, which has been proven in prospect theory. This research presents the effects of reference point adaptation on decision-making through model calculation. The optimal choice of decision makers changed with the change of the reference point in the DHMADM model. By experiment, we found that the DHMADM model considering reference point adaptation can more accurately express the final choice of decision makers than models only considering the static reference point.

Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
http://downloads.hindawi.com/journals/MPE/2019/9470172.pdf (application/pdf)
http://downloads.hindawi.com/journals/MPE/2019/9470172.xml (text/xml)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:9470172

DOI: 10.1155/2019/9470172

Access Statistics for this article

More articles in Mathematical Problems in Engineering from Hindawi
Bibliographic data for series maintained by Mohamed Abdelhakeem ().