A novel IVPLTS decision method based on regret theory and cobweb area model

DOI10.1155/2020/5649525MaRDI QIDQ826375zbMATH OpenOpenAlexFDO

Authors Peng Li, Huanhuan Peng

Publication date 4 January 2021

Published in Mathematical Problems in Engineering (Search for Journal in Brave)

Copyright license Creative Commons Attribution 4.0 International

Full work available at URL https://doi.org/10.1155/2020/5649525

Mathematics Subject Classification ID

Decision theory (91B06)

Review text

Summary: For the multiple criteria decision-making (MCDM) problem with interval-valued probabilistic linguistic information, we propose a novel method considering the regret theory and cobweb area model. We first propose a new score function, which can be used to compare different interval-valued probabilistic linguistic term sets (IVPLTSs) and transform the IVPLTSs into crisp numbers. Some properties of the score function are verified. Then, we utilize the regret theory to obtain the perceived utilities of decision makers (DMs), which can reflect the DMs' bounded rationality. Furthermore, we use the cobweb area model to aggregate decision information. Finally, a real case of evaluating nursing homes is used to illustrate the effectiveness and features of our method.

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Cites work

• Advances in prospect theory: cumulative representation of uncertainty
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• Multiscale boundary conditions in crystalline solids: theory and application to nanoindentation
• Regret in Decision Making under Uncertainty
• The concept of a linguistic variable and its application to approximate reasoning. I

Cited in

(1)

• A regret theory-based even swaps method with complex linguistic information and its application in early-stage lung cancer treatment selection

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