Similarity Measures of Probabilistic Interval Preference Ordering Sets and Their Applications in Decision-Making

Qi Wei, Rui Wang and Chuan-Yang Ruan ()
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Qi Wei: School of Business Administration, Guangdong University of Finance and Economics, Guangzhou 510320, China
Rui Wang: School of Business Administration, Guangdong University of Finance and Economics, Guangzhou 510320, China
Chuan-Yang Ruan: School of Digital Economics, Guangdong University of Finance and Economics, Guangzhou 510320, China

Mathematics, 2024, vol. 12, issue 20, 1-26

Abstract: The concept of probabilistic interval preference ordering sets (PIPOSs) provides a scientific and intuitive framework for solving real-life multi-criteria group decision-making problems. In some areas such as investment decision-making and supplier selection, PIPOSs have a wider application space, and the development of similarity and distance measures based on PIPOSs holds great significance. Similarity measure is a basic and prominent tool for dealing with imperfect and ambiguous information in fuzzy sets, but it can also be used to deal with uncertain information in preference ordering. These metrics play an important role in the actual decision-making process, as they effectively quantify the degree of similarity between two PIPOSs, and further allow for the prioritization of different scenarios. In this article, we sort out the definitions and arithmetic rules of PIPOSs, and creatively propose several new similarity measures based on PIPOSs. Then, we propose a group decision-making method based on similarity measures and conduct a comparative study with three existing similarity measures to illustrate its advantages over existing metrics. Finally, we confirm its validity through numerical illustrations in the case study, and also conduct a comparative assessment to verify the scientific validity and effectiveness of the newly introduced measure against the existing metrics.

Keywords: interval ordering; probabilistic interval preference ordering; similarity measure; group decision-making (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2024
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