A new multiple criteria decision making method based on intuitionistic fuzzy information

  • Authors:

  • Zhiping Chen;Wei Yang

  • Affiliations:

  • Department of Scientific Computing and Applied Software, Faculty of Science, Xi'an Jiaotong University, 710049 Xi'an, Shaanxi, PR China;Department of Scientific Computing and Applied Software, Faculty of Science, Xi'an Jiaotong University, 710049 Xi'an, Shaanxi, PR China and Department of Mathematics, School of Science Xi'an Unive ...

  • Venue:
  • Expert Systems with Applications: An International Journal
  • Year:
  • 2012

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Abstract

The risk attitude of a decision maker is considered in the decision process. Inspired by mean-variance type utility functions in the financial risk management, a new class of decision functions are defined based on the weighted score function and the weighted accuracy function in the intuitionistic fuzzy setting. By choosing a suitable parameter value, the decision maker's risk attitude can be flexibly reflected by our decision function. The new method can be applied for both the exactly known and partly known criteria weight situations. For the latter case, it is only necessary to solve one linear programming problem. The developed models and algorithms are then extended to multiple criteria decision making problems with the interval-valued intuitionistic fuzzy information. Numerical examples are provided to illustrate the practicality, flexibility and efficiency of our new algorithms.