Combining prospect theory and fuzzy numbers to multi-criteria decision making

Authors:
Renato A. Krohling;Talles T. M. de Souza
Affiliations:
Department of Production Engineering & Graduate Program in Computer Science, PPGI, UFES - Federal University of Espirito Santo, Av. Fernando Ferrari, 514, CEP 29075-910 Vitória, Espírito ...;Department of Informatics, UFES - Federal University of Espirito Santo, Av. Fernando Ferrari, 514, CEP 29075-910 Vitória, Espírito Santo, ES, Brazil
Venue:
Expert Systems with Applications: An International Journal
Year:
2012

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Abstract

Many multi-criteria decision making (MCDM) methods have been proposed to handle uncertain decision making problems. Most of them are based on fuzzy numbers and they are not able to cope with risk in decision making. In recent years, some MCDM methods based on prospect theory to handle risk MCDM problems have been developed. In this paper, we propose a hybrid approach combining prospect theory and fuzzy numbers to handle risk and uncertainty in MCDM problems. So, it is possible to tackle more challenging MCDM problems. A case study involving oil spill in the sea illustrates the application of the novel method.