Stochastic interval-grey number VIKOR method based on prospect theory

Stochastic interval-grey number VIKOR method based on prospect theory Purpose – The purpose of this paper is to deal with interval grey-stochastic multi-attribute decision-making problems. It proposes a VIKOR method based on prospect theory in which probabilities and the attribute value are both grey numbers. Design/methodology/approach – In the prospect theory the results values and probability weight are used while the utility and probability values in the expected utility theory, which the more realistically reflect and describe the decision makers on the optimal process. VIKOR method makes the decision acceptable superiority and decision process stability. At the same time, a new interval grey number entropy is put forward, which is used to calculate the index weight of unknown. Findings – The paper provides a VIKOR method based on prospect theory in which probabilities and the attribute value are both grey numbers. And the validity and feasibility of the method are illustrated by an example. Research limitations/implications – Although VIKOR is much closer to PIS than TOPSIS, at the same time VIKOR method can get the compromise solution with priority, researchers are encouraged to carry on comparative study further. Practical implications – The paper includes interval grey-stochastic multi-attribute decision-making method and implications. The validity and feasibility of the method are illustrated by a case. Originality/value – This paper proposes a VIKOR method based on prospect theory in which probabilities and the attribute value are both interval grey numbers. At the same time, a new interval grey number entropy is put forward, which is used to calculate the index weight of unknown. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Grey Systems: Theory and Application Emerald Publishing

Stochastic interval-grey number VIKOR method based on prospect theory

Grey Systems: Theory and Application, Volume 5 (1): 12 – Feb 2, 2015

Loading next page...
 
/lp/emerald-publishing/stochastic-interval-grey-number-vikor-method-based-on-prospect-theory-p25qAYOLee
Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
2043-9377
DOI
10.1108/GS-12-2014-0055
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to deal with interval grey-stochastic multi-attribute decision-making problems. It proposes a VIKOR method based on prospect theory in which probabilities and the attribute value are both grey numbers. Design/methodology/approach – In the prospect theory the results values and probability weight are used while the utility and probability values in the expected utility theory, which the more realistically reflect and describe the decision makers on the optimal process. VIKOR method makes the decision acceptable superiority and decision process stability. At the same time, a new interval grey number entropy is put forward, which is used to calculate the index weight of unknown. Findings – The paper provides a VIKOR method based on prospect theory in which probabilities and the attribute value are both grey numbers. And the validity and feasibility of the method are illustrated by an example. Research limitations/implications – Although VIKOR is much closer to PIS than TOPSIS, at the same time VIKOR method can get the compromise solution with priority, researchers are encouraged to carry on comparative study further. Practical implications – The paper includes interval grey-stochastic multi-attribute decision-making method and implications. The validity and feasibility of the method are illustrated by a case. Originality/value – This paper proposes a VIKOR method based on prospect theory in which probabilities and the attribute value are both interval grey numbers. At the same time, a new interval grey number entropy is put forward, which is used to calculate the index weight of unknown.

Journal

Grey Systems: Theory and ApplicationEmerald Publishing

Published: Feb 2, 2015

There are no references for this article.

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Search

Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly

Organize

Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.

Access

Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

DeepDyve

Freelancer

DeepDyve

Pro

Price

FREE

$49/month
$360/year

Save searches from
Google Scholar,
PubMed

Create folders to
organize your research

Export folders, citations

Read DeepDyve articles

Abstract access only

Unlimited access to over
18 million full-text articles

Print

20 pages / month

PDF Discount

20% off