An Extended Prospect Theory for Robot Evaluation and Selection considering Risk Preferences and Interactive Criteria

Guobao Zhang and Shuping Cheng

Mathematical Problems in Engineering, 2021, vol. 2021, 1-18

Abstract:

The evaluation and selection process can be regarded as a complex multiple criteria decision analysis (MCDA) problem which involves various interaction relationships among criteria under high uncertain environment. In addition, the decision-makers are always bounded rational in the risk decision-making process. However, the current robot evaluation and selection approach seldom considers the decision-maker’s risk preference and interactive criteria under high uncertain environment. Thus, the purpose of this paper is to develop a hybrid MCDA approach for solving the robot evaluation and selection problem. In the proposed framework, the interval type-2 fuzzy set is used to express the uncertain evaluation information provided by decision-makers. Next, the distance measure of interval type-2 fuzzy numbers is developed to determine the fuzzy measure of each criterion. Then, the extended prospect theory based on developed Choquet integral is proposed to evaluate and prioritize the robot by considering the decision-maker’s risk preference and interactive criteria. Finally, a case study of robot evaluation and selection in the auto industry is selected to exemplify the application of the proposed framework. After that, comparison and sensitivity studies are conducted to further demonstrate the robustness, effectiveness, and reasonableness of the developed approach.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlmpe:9975056

DOI: 10.1155/2021/9975056

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