The induced probabilistic OWA distance and its application in decision making

Authors:
José M. Merigó;Montserrat Casanovas
Affiliations:
University of Barcelona, Barcelona, Spain;University of Barcelona, Barcelona, Spain
Venue:
SpringSim '10 Proceedings of the 2010 Spring Simulation Multiconference
Year:
2010

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Abstract

We present the induced probabilistic ordered weighted averaging distance (IPOWAD) operator. It is a new distance measure that uses probabilistic information and induced aggregation operators. Thus, this model is able to assess problems where we have some kind of objective information and the attitudinal character of the decision-maker is very complex and can be assessed with order-inducing variables that represent this attitude. We study some of it main properties and a wide range of particular cases including the arithmetic probabilistic distance, the arithmetic induced OWAD, the probabilistic distance, the normalized probabilistic distance, the probabilistic OWAD and many others. We also develop an application of the IPOWAD in a decision-making model regarding investment selection.