An approach to Atanassov's interval-valued intuitionistic fuzzy multi-attribute decision making based on prospect theory

Abstract

Prospect theory is a very effective method to express behavioral decision making under uncertainty. This paper attempts to develop a method to multi-attribute decision making with Atanassov's interval-valued intuitionistic fuzzy information using prospect theory. This method first transforms Atanassov's interval-valued intuitionistic fuzzy variables into the prospect values using the value function in prospect theory. Based on the aspiration levels, Atanassov's intuitionistic fuzzy prospect gain and loss matrices are obtained. Then, using the Atanassov's interval-valued intuitionistic hybrid weight averaging (IVIHWA) operator or the Atanassov's interval-valued intuitionistic hybrid Shapley weight averaging (IVIHSWA) operator, the comprehensive Atanassov's interval-valued intuitionistic fuzzy prospect value of each alternative is calculated. According to the comprehensive Atanassov's interval-valued intuitionistic fuzzy prospect values, a ranking method of alternatives is presented. Finally, two illustrative examples are selected to show the feasibility and availability of the proposed method.

Keywords

• multi-attribute decision making
• prospect theory
• Atanassov's interval-valued intuitionistic fuzzy set
• Atanassov's interval-valued intuitionistic fuzzy prospect value