Application of possibility theory to investment decisions

Authors:
S. S. Appadoo;S. K. Bhatt;C. R. Bector
Affiliations:
Department of Supply Chain Management, The University of Manitoba, Winnipegd, Canada R3T 5V4;Department of Supply Chain Management, The University of Manitoba, Winnipegd, Canada R3T 5V4;Department of Business Administration, The University of Manitoba, Winnipegd, Canada R3T 5V4
Venue:
Fuzzy Optimization and Decision Making
Year:
2008

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Abstract

Carlson and Fuller (2001, Fuzzy Sets and Systems, 122, 315---326) introduced the concept of possibilistic mean, variance and covariance of fuzzy numbers. In this paper, we extend some of these results to a nonlinear type of fuzzy numbers called adaptive fuzzy numbers (see Bodjanova (2005, Information Science, 172, 73---89) for detail). We then discuss the application of these results to decision making problems in which the parameters may involve uncertainty and vagueness. As an application, we develop expression for fuzzy net present value (FNPV) of future cash flows involving adaptive fuzzy numbers by using their possibilistic moments. An illustrative numerical example is given to illustrate the results.