A fuzzy approach to risk based decision making

Authors:
Omar Khadeer Hussain;Elizabeth Chang;Farookh Khadeer Hussain;Tharam S. Dillon
Affiliations:
School of Information Systems, Curtin University of Technology, Perth, Australia;School of Information Systems, Curtin University of Technology, Perth, Australia;School of Information Systems, Curtin University of Technology, Perth, Australia;Faculty of Information Technology, University of Technology, Sydney, Australia
Venue:
OTM'06 Proceedings of the 2006 international conference on On the Move to Meaningful Internet Systems: AWeSOMe, CAMS, COMINF, IS, KSinBIT, MIOS-CIAO, MONET - Volume Part II
Year:
2006

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Abstract

Decision making is a tough process It involves dealing with a lot of uncertainty and projecting what the final outcome might be Depending on the projection of the uncertain outcome, a decision has to be taken In a peer-to-peer financial interaction, the trusting agent in order to analyze the Risk has to consider the possible likelihood of failure of the interaction and the possible consequences of failure to its resources involved in the interaction before concluding whether to interact with the probable trusted agent or not Further it might also have to choose and decide on an agent to interact with from a set of probable trusted agents In this paper we propose a Fuzzy Risk based decision making system that would assist the trusting agent to ease its decision making process.