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A Fuzzy Multi-criteria Outranking Approach in Support of Business Angels’ Decision-Analysis Process for the Assessment of Companies as Investment Opportunities

Author

Listed:
  • Spiros Mouzakitis

    (National Technical University of Athens)

  • George Karamolegkos

    (National Technical University of Athens)

  • Emmanouil Ntanos

    (National Technical University of Athens)

  • John Psarras

    (National Technical University of Athens)

Abstract

In this paper, a multi-criteria method is presented for the evaluation and ranking of a selected set of companies as investment opportunities in aid of the relevant decision-analysis process of business angels. The multi-criteria methodology is based on the PROMETHEE method, which is further extended to deal with fuzzy input data in order to address the data imprecision and uncertainty of the decision process. The paper concludes by suggesting a web-based system implementation of the proposed methodology, which will significantly enhance modern business angels networks.

Suggested Citation

  • Spiros Mouzakitis & George Karamolegkos & Emmanouil Ntanos & John Psarras, 2013. "A Fuzzy Multi-criteria Outranking Approach in Support of Business Angels’ Decision-Analysis Process for the Assessment of Companies as Investment Opportunities," Journal of Optimization Theory and Applications, Springer, vol. 158(1), pages 274-283, July.
    • Handle: RePEc:spr:joptap:v:158:y:2013:i:1:d:10.1007_s10957-011-9816-4
    DOI: 10.1007/s10957-011-9816-4
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    References listed on IDEAS

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    1. R. E. Bellman & L. A. Zadeh, 1970. "Decision-Making in a Fuzzy Environment," Management Science, INFORMS, vol. 17(4), pages 141-164, December.
    2. Mason, Colin M. & Harrison, Richard T., 2002. "Is it worth it? The rates of return from informal venture capital investments," Journal of Business Venturing, Elsevier, vol. 17(3), pages 211-236, May.
    3. Albadvi, Amir & Chaharsooghi, S. Kamal & Esfahanipour, Akbar, 2007. "Decision making in stock trading: An application of PROMETHEE," European Journal of Operational Research, Elsevier, vol. 177(2), pages 673-683, March.
    4. JosÉ Figueira & Salvatore Greco & Matthias Ehrogott, 2005. "Multiple Criteria Decision Analysis: State of the Art Surveys," International Series in Operations Research and Management Science, Springer, number 978-0-387-23081-8, December.
    5. Bertrand Mareschal & Jean Pierre Brans & Philippe Vincke, 1986. "How to select and how to rank projects: the Prométhée method," ULB Institutional Repository 2013/9307, ULB -- Universite Libre de Bruxelles.
    6. Brans, J. P. & Vincke, Ph. & Mareschal, B., 1986. "How to select and how to rank projects: The method," European Journal of Operational Research, Elsevier, vol. 24(2), pages 228-238, February.
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    Cited by:

    1. Wu, Zhaoyuan & Zhou, Ming & Zhang, Ting & Li, Gengyin & Zhang, Yan & Liu, Xiaojuan, 2020. "Imbalance settlement evaluation for China's balancing market design via an agent-based model with a multiple criteria decision analysis method," Energy Policy, Elsevier, vol. 139(C).

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