Fuzzy Behavioural Decision Model with Imperfect Information

Fuzzy Behavioural Decision Model with Imperfect Information Behavioral decision making is of growing interest of scientists and practitioners, economists and business people. A wide spectrum of successful behavioral theories is presented now, including Prospect theory (PT), multiple priors models, studies on altruism, trust and fairness. However, these theories are developed for perfect information, whereas real information on a decision maker’s (DM) behavior and environment is imperfect and is described in natural language (NL). In this paper we suggest a fuzzy behavioral decision model with imperfect information in which a DM’s behavior is described by a set of states with each state representing one principal behavior. In this model, states of nature and DM’s states constitute a space of combined states and NL-described imperfect relevant information is formalized by the use of the fuzzy sets theory. The utility function in the suggested model is represented as a fuzzy Choquet-like integral. The suggested investigations show that Expected Utility, Choquet Expected Utility and PT are special cases of the suggested model. We apply the model to solve a benchmark and a real-life decision problem. The obtained results show validity of the suggested model. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Economics and Management Engineering World Academic Publishing Co.

Fuzzy Behavioural Decision Model with Imperfect Information

Loading next page...

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 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

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

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches


Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.



billed annually
Start Free Trial

14-day Free Trial