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A Comparison of Wind Energy Investment Alternatives Using Interval-Valued Intuitionistic Fuzzy Benefit/Cost Analysis

Author

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  • Cengiz Kahraman

    (Department of Industrial Engineering, Istanbul Technical University, 34367 Macka Istanbul, Turkey)

  • Sezi Cevik Onar

    (Department of Industrial Engineering, Istanbul Technical University, 34367 Macka Istanbul, Turkey)

  • Basar Oztaysi

    (Department of Industrial Engineering, Istanbul Technical University, 34367 Macka Istanbul, Turkey)

Abstract

One of the tools for maintaining environmental sustainability is transformation from fossil-based energy sources to renewable energy sources in energy consumption. Among renewable energy alternatives, wind energy is the most prominent and reliable energy source for fulfilling energy demand. Traditional investment evaluation techniques based on discounted cash flows are not capable of capturing the uncertainty and vagueness in the data related to the wind energy investment parameters. Fuzzy capital budgeting techniques can capture this vagueness and model the imprecise estimations of parameter values. In this paper, we develop interval-valued intuitionistic fuzzy benefit-cost analysis for the evaluation of wind energy technology investments. The fuzzy benefit-cost analyses are based on both present worth and annual worth analyses. The developed analyses can handle the assessments of multiple experts through aggregation operators. In the proposed economic model, the components of each wind energy investment parameter are incorporated into the equations in detail. A real case study is also presented in this paper.

Suggested Citation

  • Cengiz Kahraman & Sezi Cevik Onar & Basar Oztaysi, 2016. "A Comparison of Wind Energy Investment Alternatives Using Interval-Valued Intuitionistic Fuzzy Benefit/Cost Analysis," Sustainability, MDPI, vol. 8(2), pages 1-18, January.
    • Handle: RePEc:gam:jsusta:v:8:y:2016:i:2:p:118-:d:63094
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    References listed on IDEAS

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    Cited by:

    1. Hu, Kejia & Tan, Qian & Zhang, Tianyuan & Wang, Shuping, 2020. "Assessing technology portfolios of clean energy-driven desalination-irrigation systems with interval-valued intuitionistic fuzzy sets," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    2. Jaber Valinejad & Mousa Marzband & Mudathir Funsho Akorede & Ian D Elliott & Radu Godina & João Carlos de Oliveira Matias & Edris Pouresmaeil, 2018. "Long-Term Decision on Wind Investment with Considering Different Load Ranges of Power Plant for Sustainable Electricity Energy Market," Sustainability, MDPI, vol. 10(10), pages 1-19, October.

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