IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v11y2019i20p5630-d275867.html
   My bibliography  Save this article

A Novel Decision-Making Model with Pythagorean Fuzzy Linguistic Information Measures and Its Application to a Sustainable Blockchain Product Assessment Problem

Author

Listed:
  • Feifei Jin

    (School of Business, Anhui University, Hefei 230601, China)

  • Lidan Pei

    (School of Mathematics and Statistics, Hefei Normal University, Hefei 230601, China)

  • Huayou Chen

    (School of Mathematical Sciences, Anhui University, Hefei 230601, China)

  • Reza Langari

    (Department of Mechanical Engineering, Texas A & M University, College Station, TX 77843, USA)

  • Jinpei Liu

    (School of Business, Anhui University, Hefei 230601, China)

Abstract

This study presents a novel multi-attribute decision-making (MADM) model on the basis of Pythagorean fuzzy linguistic information measures. To do so, we first present a new concept of Pythagorean fuzzy linguistic sets to describe fuzziness and inconsistent information, in which the Pythagorean fuzzy linguistic values (PFLVs) are represented by the linguistic membership degree and linguistic non-membership degree. Then, we introduce two axiomatic definitions of information measures for PFLVs, including Pythagorean fuzzy linguistic entropy and the Pythagorean fuzzy linguistic similarity measure, to measure the uncertainty degree of PFLVs and the similarity degree between among PFLVs. In addition, based on the logarithmic function, we construct two new information measure formulas and verify that they satisfy the axiomatic conditions of the Pythagorean fuzzy linguistic entropy and similarity measure, respectively. We further explore the relationship between the Pythagorean fuzzy linguistic entropy and similarity measure. Finally, we present a novel Pythagorean fuzzy linguistic MADM model with the Pythagorean fuzzy linguistic entropy and similarity measure. A numerical example of selecting the most desirable sustainable blockchain product is given, and a comparison with the existing approach was performed to validate the reliability of the developed decision-making model.

Suggested Citation

  • Feifei Jin & Lidan Pei & Huayou Chen & Reza Langari & Jinpei Liu, 2019. "A Novel Decision-Making Model with Pythagorean Fuzzy Linguistic Information Measures and Its Application to a Sustainable Blockchain Product Assessment Problem," Sustainability, MDPI, vol. 11(20), pages 1-17, October.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:20:p:5630-:d:275867
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/11/20/5630/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/11/20/5630/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Muhammad Ali Nasir & Toan Luu Duc Huynh & Sang Phu Nguyen & Duy Duong, 2019. "Forecasting cryptocurrency returns and volume using search engines," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-13, December.
    2. Zhang, Huanhuan & Kou, Gang & Peng, Yi, 2019. "Soft consensus cost models for group decision making and economic interpretations," European Journal of Operational Research, Elsevier, vol. 277(3), pages 964-980.
    3. Nannan Wu & Yejun Xu & D. Marc Kilgour, 2019. "Water allocation analysis of the Zhanghe River basin using the Graph Model for Conflict Resolution with incomplete fuzzy preferences," Sustainability, MDPI, vol. 11(4), pages 1-17, February.
    4. Arunodaya Raj Mishra & Pratibha Rani, 2018. "Interval-Valued Intuitionistic Fuzzy WASPAS Method: Application in Reservoir Flood Control Management Policy," Group Decision and Negotiation, Springer, vol. 27(6), pages 1047-1078, December.
    5. Tamer Khraisha & Keren Arthur, 2018. "Can we have a general theory of financial innovation processes? A conceptual review," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 4(1), pages 1-27, December.
    6. Gang Kou & Yanqun Lu & Yi Peng & Yong Shi, 2012. "Evaluation Of Classification Algorithms Using Mcdm And Rank Correlation," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 11(01), pages 197-225.
    7. Anoop S Kumar & Taufeeq Ajaz, 2019. "Co-movement in crypto-currency markets: evidences from wavelet analysis," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-17, December.
    8. Chia-Nan Wang & Anh Phuong Le, 2019. "Application of Multi-Criteria Decision-Making Model and GM (1,1) Theory for Evaluating Efficiency of FDI on Economic Growth: A Case Study in Developing Countries," Sustainability, MDPI, vol. 11(8), pages 1-29, April.
    9. Xu, Zeshui, 2005. "Deviation measures of linguistic preference relations in group decision making," Omega, Elsevier, vol. 33(3), pages 249-254, June.
    10. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    11. Guohua Qu & Weihua Qu & Junmei Wang & Haisheng Zhou & Zengliang Liu, 2018. "Factorial-Quality Scalar and an Extension of ELECTRE in Intuitionistic Fuzzy Sets," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 17(01), pages 183-207, January.
    12. Xia Bai & Yimin Wang & Juliang Jin & Xiaoming Qi & Chengguo Wu, 2018. "Precondition Cloud and Maximum Entropy Principle Coupling Model-Based Approach for the Comprehensive Assessment of Drought Risk," Sustainability, MDPI, vol. 10(9), pages 1-14, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nallapaneni Manoj Kumar & Aneesh A. Chand & Maria Malvoni & Kushal A. Prasad & Kabir A. Mamun & F.R. Islam & Shauhrat S. Chopra, 2020. "Distributed Energy Resources and the Application of AI, IoT, and Blockchain in Smart Grids," Energies, MDPI, vol. 13(21), pages 1-42, November.
    2. Bai, Chunguang & Zhu, Qingyun & Sarkis, Joseph, 2021. "Joint blockchain service vendor-platform selection using social network relationships: A multi-provider multi-user decision perspective," International Journal of Production Economics, Elsevier, vol. 238(C).
    3. Jiefeng Wang & Shouzhen Zeng & Chonghui Zhang, 2020. "Single-Valued Neutrosophic Linguistic Logarithmic Weighted Distance Measures and Their Application to Supplier Selection of Fresh Aquatic Products," Mathematics, MDPI, vol. 8(3), pages 1-14, March.
    4. Feng Li & Pengchao Zhang & Xin Huang & Jiabin Sun & Qian Li, 2022. "Emergency Decision-Making for Middle Route of South-to-North Water Diversion Project Using Case-Based Reasoning and Prospect Theory," Sustainability, MDPI, vol. 14(21), pages 1-29, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rodrigo Hakim das Neves, 2020. "Bitcoin pricing: impact of attractiveness variables," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-18, December.
    2. Yu Song & Bo Chen & Xin-Yi Wang, 2023. "Cryptocurrency technology revolution: are Bitcoin prices and terrorist attacks related?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-20, December.
    3. Ying Li & Yung-Ho Chiu & Tai-Yu Lin & Tzu-Han Chang, 2020. "Pre-Evaluating the Technical Efficiency Gains from Potential Mergers and Acquisitions in the IC Design Industry," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 525-559, April.
    4. Xun Zhang & Fengbin Lu & Rui Tao & Shouyang Wang, 2021. "The time-varying causal relationship between the Bitcoin market and internet attention," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-19, December.
    5. Alexey Mikhaylov & Hasan Dinçer & Serhat Yüksel, 2023. "Analysis of financial development and open innovation oriented fintech potential for emerging economies using an integrated decision-making approach of MF-X-DMA and golden cut bipolar q-ROFSs," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-34, December.
    6. Xunjie Gou & Zeshui Xu & Huchang Liao, 2019. "Hesitant Fuzzy Linguistic Possibility Degree-Based Linear Assignment Method for Multiple Criteria Decision-Making," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(01), pages 35-63, January.
    7. Simplice A. Asongu & Joseph Nnanna, 2020. "Governance and the Capital Flight Trap in Africa," Working Papers of the African Governance and Development Institute. 20/024, African Governance and Development Institute..
    8. Zia Ur Rehman & Noor Muhammad & Bilal Sarwar & Muhammad Asif Raz, 2019. "Impact of risk management strategies on the credit risk faced by commercial banks of Balochistan," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-13, December.
    9. Simplice A. Asongu & Nicholas M. Odhiambo, 2022. "Remittances and value added across economic sub-sectors in Sub-Saharan Africa," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(1), pages 23-41, February.
    10. Asongu, Simplice A. & Nnanna, Joseph & Acha-Anyi, Paul N., 2020. "Inequality and gender economic inclusion: The moderating role of financial access in Sub-Saharan Africa," Economic Analysis and Policy, Elsevier, vol. 65(C), pages 173-185.
    11. Simplice A. Asongu & Thales P. Yapatake Kossele & Joseph Nnanna, 2021. "Not all that glitters is gold: political stability and trade in Sub-Saharan Africa," Research Africa Network Working Papers 21/005, Research Africa Network (RAN).
    12. Simplice A. Asongu & Joseph Nnanna & Paul N. Acha-Anyi, 2020. "Inclusive Education for Inclusive Economic Participation: the Financial Access Channel," Research Africa Network Working Papers 20/019, Research Africa Network (RAN).
    13. Simplice A. Asongu, 2021. "The Effects of Mobile Phone Technology, Knowledge Creation and Diffusion on Inclusive Human Development in Sub-Saharan Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(3), pages 1367-1398, September.
    14. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Enhancing Governance for Environmental Sustainability in Sub-Saharan Africa," Working Papers of the African Governance and Development Institute. 19/090, African Governance and Development Institute..
    15. Simplice A. Asongu & Nicholas M. Odhiambo, 2019. "Enhancing ICT for insurance in Africa," Review of Development Finance Journal, Chartered Institute of Development Finance, vol. 9(2), pages 16-27.
    16. Burcu Yılmaz Kaya & Aylin Adem & Metin Dağdeviren, 2020. "A DSS-Based Novel Approach Proposition Employing Decision Techniques for System Design," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 19(02), pages 413-445, March.
    17. Akshay Hinduja & Manju Pandey, 2019. "An Integrated Intuitionistic Fuzzy MCDM Approach to Select Cloud-Based ERP System for SMEs," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(06), pages 1875-1908, November.
    18. Simplice A. Asongu & Joseph Nnanna & Vanessa S. Tchamyou, 2020. "The comparative African regional economics of globalization in financial allocation efficiency: the pre-crisis era revisited," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-41, December.
    19. Emre Çalişkan & Erdem Aksakal & Saliha Çetinyokuş & Tahsin Çetinyokuş, 2019. "Hybrid Use of Likert Scale-Based AHP and PROMETHEE Methods for Hazard Analysis and Consequence Modeling (HACM) Software Selection," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(05), pages 1689-1715, September.
    20. Masoud Rahiminezhad Galankashi & Farimah Mokhatab Rafiei & Maryam Ghezelbash, 2020. "Portfolio selection: a fuzzy-ANP approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-34, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:11:y:2019:i:20:p:5630-:d:275867. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.