Risky Multicriteria Group Decision Making Based on Cloud Prospect Theory and Regret Feedback

Yan Song, Hao Yao, Shuang Yao, Donghua Yu and Yan Shen

Mathematical Problems in Engineering, 2017, vol. 2017, 1-12

Abstract:

The assessment of risky linguistic variables has significant applications in multiattribute group decision problems. This paper focuses on risky multicriteria group decision making using linguistic variable assessment and proposes a new model which considers various and differential psychological behavior and the ambiguity of linguistic variable assessment across multicriteria risks. Based on the cloud prospect value assessment, this paper proposes a cloud prospect value aggregation method and consensus degree measurement. An improved feedback adjustment mechanism based on regret theory is employed as the consistency model, which complements prospect theory. The three theoretical methods together constitute the core elements of the proposed CPD (cloud prospect value consensus degree decision) model. The feasibility and validity of the new decision making model are demonstrated with a numerical example, and feedback performance was compared with conventional direct feedback. The proposed CPD approach satisfies given consistency threshold of 0.95 and 0.98 after three and four feedback loops, respectively. Compared to the proposed CPD method, direct feedback approach needs seven and ten feedback loops under the same threshold, respectively, which shows that the proposed model increases efficiency and accuracy of group decision making and significantly reduces time cost.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:9646303

DOI: 10.1155/2017/9646303

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