Product Selection in E-Commerce Under Fuzzy Environment: A MADM Game Theoretic Model

B. K. Mohanty () and Mahima Gupta ()
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B. K. Mohanty: Decision Sciences, Indian Institute of Management, Lucknow, Uttar Pradesh 226013, India
Mahima Gupta: Decision Sciences, Indian Institute of Management, Lucknow, Uttar Pradesh 226013, India

International Game Theory Review (IGTR), 2015, vol. 17, issue 01, 1-14

Abstract: This paper introduces a methodology based on fuzzy game theory to determine the buyer's priority of the attributes and select a product in the e-business system. The game theory model developed in our paper considers the prioritization of attributes as strategies for the player (player 1) in one side and selection of the products for the opponent player (player 2). The fuzzy probabilities of the strategies in the game theory are obtained by using the concepts of similarities between the fuzzy numbers. The e-business system devises strategies for the player 1 by attaching appropriate priority levels to product attributes for maximum gain. On the other hand the opponent player 2 select the products as the strategies accordingly. The payoffs obtained in the game theory model as fuzzy numbers are subsequently converted to their equivalent probabilistic mean intervals. This process leads to transform the game theory model into a linear programming problem (LPP) with interval coefficients. The solution to LPP gives us the optimal strategies. These probability of strategies are considered as attributes' weights to determine ranking of the products in e-business system. The methodology is illustrated with the help of a numerical example.

Keywords: Fuzzy logic; game theory; multi-criteria decision making; E-commerce; 22E46; 53C35; 57S20 (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 D5 D7 M2 (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1142/S0219198915400083

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