Behavioral Risky Multiple Attribute Decision Making with Interval Type-2 Fuzzy Ranking Method and TOPSIS Method

Wangwang Yu and Xinwang Liu
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Wangwang Yu: School of Economics and Management, Southeast University, Nanjing 210096, Jiangsu, P. R. China
Xinwang Liu: School of Economics and Management, Southeast University, Nanjing 210096, Jiangsu, P. R. China

International Journal of Information Technology & Decision Making (IJITDM), 2022, vol. 21, issue 02, 665-705

Abstract: Considering the decision maker’s psychological state will influence their evaluation result in the risky multi-attribute decision-making problem, and the uncertainty of evaluation information. In this paper, we will propose a behavioral risky multiple attribute decision making with interval type-2 fuzzy ranking method and TOPSIS method. The interval type-2 fuzzy set is used to express the uncertainty of evaluation information, the prospect theory is applied to describe people’s psychological state in the processing of risk decision making. First, we define a new ranking method for interval type-2 fuzzy set to compare the interval type-2 fuzzy evaluation information and the expectation. Second, we give a relative distance for interval type-2 fuzzy set to get the distance between the interval type-2 fuzzy evaluation information and expectation. Third, we use the prospect theory, the new defined ranking method and the new defined distance formula to obtain the comprehensive prospect value. Fourth, we use the improved TOPSIS method and the comprehensive prospect value to rank the alternatives. Based on the above-mentioned steps, we give the solution for risky interval type-2 fuzzy multiple attribute decision-making problem, which named as the behavioral risky multiple attribute decision making with interval type-2 fuzzy ranking method and TOPSIS method. Finally, we use an example to show the rationality of this method.

Keywords: Interval type-2 fuzzy set; ranking method; relative distance; prospect theory; TOPSIS method (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1142/S0219622021500656

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