On the methods of decision making under uncertainty with probability information

Authors:
Xinwang Liu
Affiliations:
School of Economics and Management, Southeast University, Nanjing 210096, China
Venue:
International Journal of Intelligent Systems
Year:
2004

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Abstract

By considering the decision maker's attitude of profit and risk, we propose an alternative selection method that can include the methods of decision making under ignorance and decision making under risk as special cases. An index to measure the decision maker's risk-averse degree is proposed. With a given optimistic level of profit and risk, the evaluation results of the alternatives can be obtained with a geometric ordered weighted average (OWA) operator and a basic defuzzification distribution (BADD) neat OWA operator. Some properties of these two kinds of OWA operator in the problem of decision making under uncertainty are also proposed. © 2004 Wiley Periodicals, Inc. Int J Int Syst 19: 1217–1238, 2004.