Extended TODIM Based on Cumulative Prospect Theory for Picture Fuzzy Multiple Attribute Group Decision Making

Zhao, Mengwei; Wei, Guiwu; Wei, Cun; Wu, Jiang; Guo, Yanfeng

doi:10.15388/20-INFOR418

Informatica

Extended TODIM Based on Cumulative Prospect Theory for Picture Fuzzy Multiple Attribute Group Decision Making

Volume 32, Issue 4 (2021), pp. 865–886

Mengwei Zhao Guiwu Wei Cun Wei Jiang Wu Yanfeng Guo

https://doi.org/10.15388/20-INFOR418

Pub. online: 20 December 2021 Type: Research Article

Received
1 February 2020

Accepted
1 April 2020

Published
20 December 2021

Abstract

Picture fuzzy sets (PFSs) utilize the positive, neutral, negative and refusal membership degrees to describe the behaviours of decision-makers in more detail. In this article, we expound the application of extended TODIM based on cumulative prospect theory under picture fuzzy multiple attribute group decision making (MAGDM). In addition, we adopt Information Entropy, which is used to ascertain the weighting vector of attributes to improve the availability of the TODIM method. At last, we exercise the improved TODIM into a numerical case for super market location and testify the effectiveness of this new method by comparing its results with other methods’ results.

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Biographies

Zhao Mengwei

M. Zhao is currently a master’s student at School of Business, Sichuan Normal University, Chengdu, 610101, PR China.

Wei Guiwu

weiguiwu1973@sicnu.edu.cn

G. Wei has an MSc and a PhD degrees in applied mathematics from SouthWest Petroleum University, and in business administration from School of Economics and Management, SouthWest Jiaotong University, China, respectively. From May 2010 to April 2012, he was a postdoctoral researcher at the School of Economics and Management, Tsinghua University, Beijing, China. He is a professor at the School of Business, Sichuan Normal University. He has published more than 100 papers in journals, books and conference proceedings including journals such as Omega, Decision Support Systems, Expert Systems with Applications, Applied Soft Computing, Knowledge and Information Systems, Computers & Industrial Engineering, Knowledge-Based Systems, International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems, International Journal of Computational Intelligence Systems and Information: An International Interdisciplinary Journal. He has published 1 book. He has participated in several scientific committees and serves as a reviewer in a wide range of journals including Computers & Industrial Engineering, International Journal of Information Technology and Decision Making, Knowledge-Based Systems, Information Sciences, International Journal of Computational Intelligence Systems and European Journal of Operational Research. He is currently interested in aggregation operators, decision making and computing with words.

Wei Cun

C. Wei has an MSc degree in applied mathematics from SouthWest Petroleum University. Now, he is a PhD student at School of Statistics, Southwestern University of Finance and Economics, Chengdu, 611130, PR China. He has published more than 10 papers in journals, such as International Journal of Intelligent Systems, Journal of Intelligent and Fuzzy Systems, IEEE Access, Mathematics, Information. He is currently interested in aggregation operators, decision making and computing with words.

Wu Jiang

J. Wu has a PhD degree in management science and engineering from Southwest Jiaotong University, China. He is a professor at the School of Statistics at Southwestern University of Finance and Economics, Chengdu, 611130, PR China.

Guo Yanfeng

Y. Guo has a PhD degree in management science and engineering from Southwest Jiaotong University, China. He is an associate professor at the School of Finance, Southwestern University of Finance and Economics, Chengdu, 610074, PR China. He is currently interested in forecasting in financial and decision making in financial markets.

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Keywords

multiple attribute group decision making (MAGDM) picture fuzzy sets TODIM supermarket location

Funding

This paper is supported by the Natural Science Foundation of China (No. 71571128).

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