Grey Situation Group Decision-Making Method Based on Prospect Theory
This paper puts forward a grey situation group decision-making method on the basis of prospect theory, in view of the grey situation group decision-making problems that decisions are often made by multiple decision experts and those experts have risk preferences. The method takes the positive and ne...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2014-01-01
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| Series: | The Scientific World Journal |
| Online Access: | http://dx.doi.org/10.1155/2014/703597 |
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| _version_ | 1832562616624480256 |
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| author | Na Zhang Zhigeng Fang Xiaqing Liu |
| author_facet | Na Zhang Zhigeng Fang Xiaqing Liu |
| author_sort | Na Zhang |
| collection | DOAJ |
| description | This paper puts forward a grey situation group decision-making method on the basis of prospect theory, in view of the grey situation group decision-making problems that decisions are often made by multiple decision experts and those experts have risk preferences. The method takes the positive and negative ideal situation distance as reference points, defines positive and negative prospect value function, and introduces decision experts’ risk preference into grey situation decision-making to make the final decision be more in line with decision experts’ psychological behavior. Based on TOPSIS method, this paper determines the weight of each decision expert, sets up comprehensive prospect value matrix for decision experts’ evaluation, and finally determines the optimal situation. At last, this paper verifies the effectiveness and feasibility of the method by means of a specific example. |
| format | Article |
| id | doaj-art-8515789226b7402b8ec9222ee9f2599d |
| institution | Kabale University |
| issn | 2356-6140 1537-744X |
| language | English |
| publishDate | 2014-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | The Scientific World Journal |
| spelling | doaj-art-8515789226b7402b8ec9222ee9f2599d2025-02-03T01:22:14ZengWileyThe Scientific World Journal2356-61401537-744X2014-01-01201410.1155/2014/703597703597Grey Situation Group Decision-Making Method Based on Prospect TheoryNa Zhang0Zhigeng Fang1Xiaqing Liu2Corps Financial Development Research Center, Shihezi University, Wujiaqu 831300, ChinaCollege of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 210016, ChinaCollege of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 210016, ChinaThis paper puts forward a grey situation group decision-making method on the basis of prospect theory, in view of the grey situation group decision-making problems that decisions are often made by multiple decision experts and those experts have risk preferences. The method takes the positive and negative ideal situation distance as reference points, defines positive and negative prospect value function, and introduces decision experts’ risk preference into grey situation decision-making to make the final decision be more in line with decision experts’ psychological behavior. Based on TOPSIS method, this paper determines the weight of each decision expert, sets up comprehensive prospect value matrix for decision experts’ evaluation, and finally determines the optimal situation. At last, this paper verifies the effectiveness and feasibility of the method by means of a specific example.http://dx.doi.org/10.1155/2014/703597 |
| spellingShingle | Na Zhang Zhigeng Fang Xiaqing Liu Grey Situation Group Decision-Making Method Based on Prospect Theory The Scientific World Journal |
| title | Grey Situation Group Decision-Making Method Based on Prospect Theory |
| title_full | Grey Situation Group Decision-Making Method Based on Prospect Theory |
| title_fullStr | Grey Situation Group Decision-Making Method Based on Prospect Theory |
| title_full_unstemmed | Grey Situation Group Decision-Making Method Based on Prospect Theory |
| title_short | Grey Situation Group Decision-Making Method Based on Prospect Theory |
| title_sort | grey situation group decision making method based on prospect theory |
| url | http://dx.doi.org/10.1155/2014/703597 |
| work_keys_str_mv | AT nazhang greysituationgroupdecisionmakingmethodbasedonprospecttheory AT zhigengfang greysituationgroupdecisionmakingmethodbasedonprospecttheory AT xiaqingliu greysituationgroupdecisionmakingmethodbasedonprospecttheory |