The fuzzy mathematics of finance
Fuzzy Sets and Systems
Reasonable properties for the ordering of fuzzy quantities (II)
Fuzzy Sets and Systems
A context-dependent method for ordering fuzzy numbers using probabilites
Information Sciences—Informatics and Computer Science: An International Journal
Fuzzy Mathematical Models in Engineering and Management Science
Fuzzy Mathematical Models in Engineering and Management Science
Capital budgeting techniques using discounted fuzzy versus probabilistic cash flows
Information Sciences—Informatics and Computer Science: An International Journal - Special issue: Intelligent information systems and applications
Taximeter verification using imprecise data from GPS
Engineering Applications of Artificial Intelligence
Fuzzy Sets and Systems
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This paper derives fuzzy net present value (NPV) and pay back year (PBY) models as decision indexes for cogeneration alternatives decision-making. The Mellin transform is employed to establish the means and variances of the fuzzy indexes in order to rank various cogeneration alternatives. It is noted that the mean and variance values depend only on the vertexes of the fuzzy index, and are independent of their height. The current paper verifies the performance of the proposed models by simulating two numerical examples and by considering a cogeneration program in a petrochemical industry. It is shown that the results of the proposed fuzzy economic models are consistent with those of the conventional crisp models, and that the developed concepts are straightforward and easily implemented compared to the fuzzy ranking methods proposed in previous studies. Furthermore, the developed methods serve as readily implemented sensitivity analysis tools for use in the arena of uncertain decision-making.