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Probabilistic hesitant fuzzy multiple attribute decision-making based on regret theory for the evaluation of venture capital projects

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  • Xiaodi Liu
  • Zengwen Wang
  • Shitao Zhang
  • Jiashu Liu

Abstract

The selection of venture capital investment projects is one of the most important decision-making activities for venture capitalists. Due to the complexity of investment market and the limited cognition of people, most of the venture capital investment decision problems are highly uncertain and the venture capitalists are often bounded rational under uncertainty. To address such problems, this article presents an approach based on regret theory to probabilistic hesitant fuzzy multiple attribute decision-making. Firstly, when the information on the occurrence probabilities of all the elements in the probabilistic hesitant fuzzy element (P.H.F.E.) is unknown or partially known, two different mathematical programming models based on water-filling theory and the maximum entropy principle are provided to handle these complex situations. Secondly, to capture the psychological behaviours of venture capitalists, the regret theory is utilised to solve the problem of selection of venture capital investment projects. Finally, comparative analysis with the existing approaches is conducted to demonstrate the feasibility and applicability of the proposed method.

Suggested Citation

  • Xiaodi Liu & Zengwen Wang & Shitao Zhang & Jiashu Liu, 2020. "Probabilistic hesitant fuzzy multiple attribute decision-making based on regret theory for the evaluation of venture capital projects," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 33(1), pages 672-697, January.
    • Handle: RePEc:taf:reroxx:v:33:y:2020:i:1:p:672-697
    DOI: 10.1080/1331677X.2019.1697327
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    Cited by:

    1. Nandi, Sandip & Granata, Giuseppe & Jana, Subrata & Ghorui, Neha & Mondal, Sankar Prasad & Bhaumik, Moumita, 2023. "Evaluation of the treatment options for COVID-19 patients using generalized hesitant fuzzy- multi criteria decision making techniques," Socio-Economic Planning Sciences, Elsevier, vol. 88(C).
    2. Douglas Cumming & Satish Kumar & Weng Marc Lim & Nitesh Pandey, 2023. "Mapping the venture capital and private equity research: a bibliometric review and future research agenda," Small Business Economics, Springer, vol. 61(1), pages 173-221, June.

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