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Multicriteria Decision-Making Method Based On Cosine Similarity Measures Between Interval- Valued Fuzzy Sets With Risk Preference

Author

Listed:
  • Jun YE

    (Department of Electrical and Information Engineering, Shaoxing University)

Abstract

This paper presents the cosine similarity measure between IVFSs with risk preference and gives its decision making method using the cosine similarity measure depending on decision makers’ optimistic, neutral, and pessimistic natures for the subjective judgments that accompany the decision making process. Through the weighted cosine similarity measure between an alternative and the ideal alternative corresponding to one of optimistic, neutral, and pessimistic choices desired by decision makers, we can determine the ranking order of alternatives and the best one. This choosing feature corresponding to decision makers’ preference makes the proposed method not only more flexible, but also more suitable for many practical applications. Finally, an illustrative example is presented to demonstrate the feasibility and applicability of the proposed method.

Suggested Citation

  • Jun YE, 2016. "Multicriteria Decision-Making Method Based On Cosine Similarity Measures Between Interval- Valued Fuzzy Sets With Risk Preference," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 50(4), pages 205-215.
  • Handle: RePEc:cys:ecocyb:v:50:y:2016:i:4:p:205-215
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    References listed on IDEAS

    as
    1. Jun Ye, 2012. "Multicriteria Group Decision-Making Method Using Vector Similarity Measures For Trapezoidal Intuitionistic Fuzzy Numbers," Group Decision and Negotiation, Springer, vol. 21(4), pages 519-530, July.
    2. R. E. Bellman & L. A. Zadeh, 1970. "Decision-Making in a Fuzzy Environment," Management Science, INFORMS, vol. 17(4), pages 141-164, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    interval-valued fuzzy set; cosine similarity measure; multicriteria decision making;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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