Probabilities of fuzzy events and their use in decision matrices

Pavla Rotterová and OndÅ™ej PavlaÄ ka

International Journal of Mathematics in Operational Research, 2016, vol. 9, issue 4, 423-435

Abstract: In decision-making problems, we often meet vaguely described events. Fuzzy sets can be used to represent such events. We analyse how can two different ways of expressing the probability of fuzzy events that are proposed in the literature be applied to a decision matrix where the states of the world are modelled by fuzzy sets. The problem is illustrated by an example.

Keywords: decision making; risk; decision matrices; fuzzy events; probability measures; fuzzy probability spaces; fuzzy probabilities; fuzzy expected value; fuzzy sets; modelling. (search for similar items in EconPapers)
Date: 2016
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