The expected value of information and the random fuzzy solution

Authors:
Xue-Jie Bai;Yan-Kui Liu
Affiliations:
College of Science, Agricultural University of Hebei, Hebei, China;College of Mathematics & Computer Science, Hebei University, Hebei, China
Venue:
FSKD'09 Proceedings of the 6th international conference on Fuzzy systems and knowledge discovery - Volume 7
Year:
2009

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Abstract

This paper studies the expected value of perfect information (EVPI) and the value of the random fuzzy solution (VRFS) for random fuzzy programming with recourse problems. We first propose three fundamental solution concepts related to the two-stage random fuzzy programming. They are wait-and-see solution, here-and-now solution, and the expected value solution. Then we introduce two important indices based on the above three solution concepts. The first one is called the expected value of perfect information, and the second is called the value of the random fuzzy solution. Finally, we discuss some basic properties for EVPI, VRFS and the proposed solution concepts.