Dynamic reference point method with probabilistic linguistic information based on the regret theory for public health emergency decision-making

Wenting Xue, Zeshui Xu, Xiaomei Mi and Zhiliang Ren

Economic Research-Ekonomska Istraživanja, 2021, vol. 34, issue 1, 3355-3381

Abstract: Group emergency decision-making is an uncertain and dynamic process, in which the decision makers may be bounded rational and have a risk appetite. To depict the vague qualitative assessments, the probabilistic linguistic term sets are employed to express the perceptions of decision makers. First, considering the regret-aversion of the decision makers’ psychological characteristic, the value function and the regret-rejoice function in the regret theory are modified to adapt the probabilistic linguistic information. Second, the definition and aggregation operators of the probabilistic linguistic time variable are proposed to describe and aggregate the dynamic decision information. Third, the probabilistic linguistic models based on the dynamic reference point method and the regret theory are studied to maximise the expectation-levels of alternatives at the relative time point. The proposed method is applied to select the optimal response strategy for the outbreak of COVID-19 in China. Finally, the comparative analysis is designed to verify the applicability and reasonability of the proposed method.

Date: 2021
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DOI: 10.1080/1331677X.2021.1875254

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