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Picture Fuzzy Weighted Distance Measures and their Application to Investment Selection

Author

Listed:
  • Meiling Liu

    (School of Business, Zhejiang Wanli University, Ningbo, China)

  • Shouzhen Zeng

    (School of Business, Ningbo University, Ningbo, China)

  • Tomas Baležentis

    (Lithuanian Institute of Agrarian Economics, Vilnius, Lithuania)

  • Dalia Streimikiene

    (Lithuanian Institute of Agrarian Economics, Vilnius, Lithuania)

Abstract

The picture fuzzy set (PFS) is a powerful tool to collect and handle large amounts of uncertain assess information in a new light. In this study, we explore some distance measures for the PFSs and propose Picture fuzzy ordered weighted distance measure and Picture fuzzy hybrid weighted distance measure. Some of their properties are also mathematically explored. Moreover, we introduce a model for the aforesaid distance measures to solve multiple attribute group decision making (MAGDM) method in an updated way. And at the end of our paper a practical application of investment alternatives selection is provided to illustrate the validity and applicability of the presented work.

Suggested Citation

  • Meiling Liu & Shouzhen Zeng & Tomas Baležentis & Dalia Streimikiene, 2019. "Picture Fuzzy Weighted Distance Measures and their Application to Investment Selection," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 21(52), pages 682-682, August.
    • Handle: RePEc:aes:amfeco:v:21:y:2019:i:52:p:682
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    References listed on IDEAS

    as
    1. Ligang Zhou & Huayou Chen & Jinpei Liu, 2013. "Continuous Ordered Weighted Distance Measure and Its Application to Multiple Attribute Group Decision Making," Group Decision and Negotiation, Springer, vol. 22(4), pages 739-758, July.
    2. Guiwu Wei, 2018. "Uncertain Hamacher Aggregation Operators and Their Application to Multiple Attribute Decision Making," International Journal of Decision Support System Technology (IJDSST), IGI Global, vol. 10(2), pages 40-64, April.
    3. Shouzhen Zeng & Jianping Chen & Xingsen Li, 2016. "A Hybrid Method for Pythagorean Fuzzy Multiple-Criteria Decision Making," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 15(02), pages 403-422, March.
    4. Guiwu Wei, 2016. "Picture fuzzy cross-entropy for multiple attribute decision making problems," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 17(4), pages 491-502, July.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Chao Tian & Juan Juan Peng & Zhi Qiang Zhang & Mark Goh & Jian Qiang Wang, 2020. "A Multi-Criteria Decision-Making Method Based on Single-Valued Neutrosophic Partitioned Heronian Mean Operator," Mathematics, MDPI, vol. 8(7), pages 1-25, July.
    2. Fabio Blanco-Mesa & Ernesto León-Castro & Jorge Romero-Muñoz, 2021. "Pythagorean Membership Grade Aggregation Operators: Application in Financial knowledge," Mathematics, MDPI, vol. 9(17), pages 1-15, September.

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    More about this item

    Keywords

    Picture fuzzy set; distance measures; ordered weighted distance; multiple attribute group decision making; investment selection;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

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