An aspiration-level interactive model for multiple criteria decision making
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Information Sciences—Informatics and Computer Science: An International Journal
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Loss Aversion Under Prospect Theory: A Parameter-Free Measurement
Management Science
An Empirical Test of Gain-Loss Separability in Prospect Theory
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Additive Utility in Prospect Theory
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Short Communication: Matrix games with interval data
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A decision support system for fuzzy multi-attribute selection of material handling equipments
Expert Systems with Applications: An International Journal
An approach to solve group-decision-making problems with ordinal interval numbers
IEEE Transactions on Systems, Man, and Cybernetics, Part B: Cybernetics
A systematic approach to heterogeneous multiattribute group decision making
Computers and Industrial Engineering
Portfolio Choice Under Cumulative Prospect Theory: An Analytical Treatment
Management Science
Computers and Industrial Engineering
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In this paper, a method based on prospect theory is proposed to solve the multiple attribute decision making (MADM) problem considering aspiration-levels of attributes, where attribute values and aspiration-levels are represented in two different formats: crisp numbers and interval numbers. According to the idea of prospect theory, aspiration-levels are firstly regarded as the reference points, and the four possible types for comparing an attribute value with an aspiration-level are described. Then, for all possible cases of the four types, the calculation formulae of gains and losses of alternatives concerning attributes are given. By calculating gain and loss of each alternative, a gain matrix and a loss matrix are constructed, respectively. Further, using the value function proposed in prospect theory and the simple additive weighting method, the overall prospect value of each alternative is calculated. Based on the obtained overall prospect values, a ranking of alternatives can be determined. Finally, a numerical example is used to illustrate the use of the proposed method.