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An Extended EDAS Approach Based on Cumulative Prospect Theory for Multiple Attributes Group Decision Making with Interval-Valued Intuitionistic Fuzzy Information
Volume 35, Issue 2 (2024), pp. 421–452
Pub. online: 15 March 2024      Type: Research Article      Open accessOpen Access
Received
1 September 2022
Accepted
1 March 2024
Published
15 March 2024

Abstract

The interval-valued intuitionistic fuzzy sets (IVIFSs), based on the intuitionistic fuzzy sets (IFSs), combine the classical decision method and its research and application is attracting attention. After a comparative analysis, it becomes clear that multiple classical methods with IVIFSs’ information have been applied to many practical issues. In this paper, we extended the classical EDAS method based on the Cumulative Prospect Theory (CPT) considering the decision experts (DEs)’ psychological factors under IVIFSs. Taking the fuzzy and uncertain character of the IVIFSs and the psychological preference into consideration, an original EDAS method, based on the CPT under IVIFSs (IVIF-CPT-EDAS) method, is created for multiple-attribute group decision making (MAGDM) issues. Meanwhile, the information entropy method is used to evaluate the attribute weight. Finally, a numerical example for Green Technology Venture Capital (GTVC) project selection is given, some comparisons are used to illustrate the advantages of the IVIF-CPT-EDAS method and a sensitivity analysis is applied to prove the effectiveness and stability of this new method.

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Biographies

Wang Jing
luckyjing212@163.com

J. Wang is a graduate student at the School of Mathematics, Sichuan Normal University. Her research interests include multi-criteria group decision making, fuzzy sets, and spherical fuzzy sets.

Cai Qiang
caiqiang@sicnu.edu.cn

Q. Cai was born in 1968. He received his PhD in management science from University of Electronic Science and Technology of China, in 2009. He is currently a professor at the Busines School, Sichuan Normal University. He has contributed more than 40 journal articles to professional journals, such as Journal of Management Sciences in China, Systems Engineering-Theory & Practice, Chinese Journal of Management Science, Journal of Industrial Engineering and Engineering Management, Journal of Systems Engineering, and so on. His current research interests include energy finance, option game theory, computational finance, and technology innovation investment and management.

Wei Guiwu
weiguiwu1973@sicnu.edu.cn

G. Wei has an MSc degree in applied mathematics from SouthWest Petroleum University, and a PhD degree in business administration from school of Economics and Management at SouthWest Jiaotong University, China. From May 2010 to April 2012, he was a postdoctoral researcher with 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 Intelligent Systems, International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems, International Journal of Computational Intelligence Systems, International Journal of Machine Learning and Cybernetics, Fundamenta Informaticae, Informatica, Kybernetes, International Journal of Knowledge-Based and Intelligent Engineering 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.

Liao Ningna
liaoningna@163.com

N. Liao is a PhD student at the College of Economics and Management, Nanjing University of Aeronautics and Astronautics. She has an MSc degree in technical economy and management from School of Business, Sichuan Normal University, China. Her research interests include multi-criteria group decision making, fuzzy sets, and spherical fuzzy sets.


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Keywords
MAGDM IVIFSs EDAS CPT entropy

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