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Operating with Fuzzy Probability Estimates in Decision Making Processes with Risk

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  • Uzhga-Rebrov Oleg

    (Rezekne Higher Education Institution)

  • Kuleshova Galina

    (Riga Technical University)

Abstract

This paper considers different techniques of operating with fuzzy probability estimates of relevant random events in decision making tasks. The recalculation of posterior probabilities of states of nature based on the information provided by indicator events is performed using a fuzzy version of Bayes’ theorem. The choice of an optimal decision is made on the basis of fuzzy expected value maximisation.

Suggested Citation

  • Uzhga-Rebrov Oleg & Kuleshova Galina, 2015. "Operating with Fuzzy Probability Estimates in Decision Making Processes with Risk," Information Technology and Management Science, Sciendo, vol. 18(1), pages 109-114, December.
    • Handle: RePEc:vrs:itmasc:v:18:y:2015:i:1:p:109-114:n:17
    DOI: 10.1515/itms-2015-0017
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    References listed on IDEAS

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    1. P. Phani Bushan Rao & N. Ravi Shankar, 2013. "Ranking fuzzy numbers with an area method using circumcenter of centroids," Fuzzy Information and Engineering, Springer, vol. 5(1), pages 3-18, March.
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