Prospect Theory Model for Multiple Criteria Decision Making Alternative with Interval Number
Abstract
In view of the problem that different interval numbers have the same possibility degree values in multiple criteria decision making (MCDM) with interval numbers, the decision makers are divided into three different types according to their risk preferences, and three risk preferences assumption models corresponding to different type decision makers are proposed to determine the advantage relation for interval numbers. Then the advantage relation of the alternatives and advantage degree matrix are proposed to rank all the alternatives as well as select the best one based on the advantage degree values of the alternatives. Finally, a realistic example is used to demonstrate that the proposed ranking technology is a useful and effective tool.
Recommended Citation
Z. L. Huang et al., "Prospect Theory Model for Multiple Criteria Decision Making Alternative with Interval Number," Xi Tong Gong Cheng Yu Dian Zi Ji Shu Systems Engineering and Electronics, vol. 34, no. 5, pp. 977 - 981, Chinese Institue of Electronics, May 2012.
The definitive version is available at https://doi.org/10.3969/j.issn.1001-506X.2012.05.22
Department(s)
Electrical and Computer Engineering
Keywords and Phrases
Advantage matrix; Advantage relation; Interval number; Multiple criteria decision making (MCDM); Prospect theory
International Standard Serial Number (ISSN)
1001-506X
Document Type
Article - Journal
Document Version
Citation
File Type
text
Language(s)
English
Rights
© 2025 Chinese Institute of Electronics, All rights reserved.
Publication Date
01 May 2012
