Decision making under uncertainty with fuzzy targets

  • Authors:

  • Van-Nam Huynh;Yoshiteru Nakamori;Mina Ryoke;Tu-Bao Ho

  • Affiliations:

  • School of Knowledge Science, Japan Advanced Institute of Science and Technology, Nomi, Ishikawa, Japan 923-1292;School of Knowledge Science, Japan Advanced Institute of Science and Technology, Nomi, Ishikawa, Japan 923-1292;Graduate School of Business Sciences, University of Tsukuba, Bunkyo, Tokyo, Japan 112-0012;Japan Advanced Institute of Science and Technology, Nomi, Ishikawa, Japan 923-1292

  • Venue:
  • Fuzzy Optimization and Decision Making
  • Year:
  • 2007

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Abstract

This paper discusses the issue of how to use fuzzy targets in the target-based model for decision making under uncertainty. After introducing a target-based interpretation of the expected value on which it is shown that this model implicitly assumes a neutral behavior on attitude about the target, we examine the issue of using fuzzy targets considering different attitudes about the target selection of the decision maker. We also discuss the problem for situations on which the decision maker's attitude about target may change according to different states of nature. Especially, it is shown that the target-based approach can provide an unified way for solving the problem of fuzzy decision making with uncertainty about the state of nature and imprecision about payoffs. Several numerical examples are given for illustration of the discussed issues.