Application of Fuzzy Set Theory to Economics

Guo Quan Chen, Samuel C. Lee and Eden S. H. Yu
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Guo Quan Chen: University of Oklahoma, School of Electrical Engineering and Computer Science
Samuel C. Lee: University of Oklahoma, School of Electrical Engineering and Computer Science
Eden S. H. Yu: University of Oklahoma, College of Business Administration

A chapter in Advances in Fuzzy Sets, Possibility Theory, and Applications, 1983, pp 277-305 from Springer

Abstract: Abstract It has been widely recognized by economists that economic behavior generally involves both elements of stochasticness and/or fuzziness. The objects which economic theory deals with are replete with all sorts of fuzzy emotions, perceptions and processes. While a rich literature on economic behavior under a stochastic environment has developed during the past decade,1 it is notable that virtually no systematic attempt has been made to-date to investigate economic behavior under fuzziness.

Keywords: Membership Function; Fuzzy Number; Marginal Utility; Fuzzy Subset; Fuzzy Relation (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4613-3754-6_18

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DOI: 10.1007/978-1-4613-3754-6_18

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