IDEAS home Printed from https://ideas.repec.org/a/aes/amfeco/v21y2019i52p682.html
   My bibliography  Save this article

Picture Fuzzy Weighted Distance Measures and their Application to Investment Selection

Author

Listed:
  • Meiling Liu

    (School of Business, Zhejiang Wanli University, Ningbo, China)

  • Shouzhen Zeng

    (School of Business, Ningbo University, Ningbo, China)

  • Tomas Baležentis

    (Lithuanian Institute of Agrarian Economics, Vilnius, Lithuania)

  • Dalia Streimikiene

    (Lithuanian Institute of Agrarian Economics, Vilnius, Lithuania)

Abstract

The picture fuzzy set (PFS) is a powerful tool to collect and handle large amounts of uncertain assess information in a new light. In this study, we explore some distance measures for the PFSs and propose Picture fuzzy ordered weighted distance measure and Picture fuzzy hybrid weighted distance measure. Some of their properties are also mathematically explored. Moreover, we introduce a model for the aforesaid distance measures to solve multiple attribute group decision making (MAGDM) method in an updated way. And at the end of our paper a practical application of investment alternatives selection is provided to illustrate the validity and applicability of the presented work.

Suggested Citation

  • Meiling Liu & Shouzhen Zeng & Tomas Baležentis & Dalia Streimikiene, 2019. "Picture Fuzzy Weighted Distance Measures and their Application to Investment Selection," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 21(52), pages 682-682, August.
    • Handle: RePEc:aes:amfeco:v:21:y:2019:i:52:p:682
    as

    Download full text from publisher

    File URL: http://www.amfiteatrueconomic.ro/temp/Article_2834.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ligang Zhou & Huayou Chen & Jinpei Liu, 2013. "Continuous Ordered Weighted Distance Measure and Its Application to Multiple Attribute Group Decision Making," Group Decision and Negotiation, Springer, vol. 22(4), pages 739-758, July.
    2. Guiwu Wei, 2018. "Uncertain Hamacher Aggregation Operators and Their Application to Multiple Attribute Decision Making," International Journal of Decision Support System Technology (IJDSST), IGI Global, vol. 10(2), pages 40-64, April.
    3. Shouzhen Zeng & Jianping Chen & Xingsen Li, 2016. "A Hybrid Method for Pythagorean Fuzzy Multiple-Criteria Decision Making," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 15(02), pages 403-422, March.
    4. Guiwu Wei, 2016. "Picture fuzzy cross-entropy for multiple attribute decision making problems," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 17(4), pages 491-502, July.
    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. Fabio Blanco-Mesa & Ernesto León-Castro & Jorge Romero-Muñoz, 2021. "Pythagorean Membership Grade Aggregation Operators: Application in Financial knowledge," Mathematics, MDPI, vol. 9(17), pages 1-15, September.
    2. Chao Tian & Juan Juan Peng & Zhi Qiang Zhang & Mark Goh & Jian Qiang Wang, 2020. "A Multi-Criteria Decision-Making Method Based on Single-Valued Neutrosophic Partitioned Heronian Mean Operator," Mathematics, MDPI, vol. 8(7), pages 1-25, July.

    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. Siqi Zhang & Hui Gao & Guiwu Wei & Yu Wei & Cun Wei, 2019. "Evaluation Based on Distance from Average Solution Method for Multiple Criteria Group Decision Making under Picture 2-Tuple Linguistic Environment," Mathematics, MDPI, vol. 7(3), pages 1-14, March.
    2. Zengxian Li & Guiwu Wei & Hui Gao, 2018. "Methods for Multiple Attribute Decision Making with Interval-Valued Pythagorean Fuzzy Information," Mathematics, MDPI, vol. 6(11), pages 1-27, October.
    3. Jie Wang & Guiwu Wei & Hui Gao, 2018. "Approaches to Multiple Attribute Decision Making with Interval-Valued 2-Tuple Linguistic Pythagorean Fuzzy Information," Mathematics, MDPI, vol. 6(10), pages 1-45, October.
    4. Jiahuan He & Xindi Wang & Runtong Zhang & Li Li, 2019. "Some q -Rung Picture Fuzzy Dombi Hamy Mean Operators with Their Application to Project Assessment," Mathematics, MDPI, vol. 7(5), pages 1-28, May.
    5. Vladimir Simić & Radovan Soušek & Stefan Jovčić, 2020. "Picture Fuzzy MCDM Approach for Risk Assessment of Railway Infrastructure," Mathematics, MDPI, vol. 8(12), pages 1-29, December.
    6. Suizhi Luo & Lining Xing, 2019. "Picture Fuzzy Interaction Partitioned Heronian Aggregation Operators for Hotel Selection," Mathematics, MDPI, vol. 8(1), pages 1-23, December.
    7. Gia Sirbiladze, 2021. "Associated Probabilities in Interactive MADM under Discrimination q-Rung Picture Linguistic Environment," Mathematics, MDPI, vol. 9(18), pages 1-36, September.
    8. Sanjib Biswas & Dragan Pamucar, 2023. "A modified EDAS model for comparison of mobile wallet service providers in India," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-31, December.
    9. Yucesan, Melih & Kahraman, Gökhan, 2019. "Risk evaluation and prevention in hydropower plant operations: A model based on Pythagorean fuzzy AHP," Energy Policy, Elsevier, vol. 126(C), pages 343-351.
    10. Ping Wang & Jie Wang & Guiwu Wei & Cun Wei, 2019. "Similarity Measures of q-Rung Orthopair Fuzzy Sets Based on Cosine Function and Their Applications," Mathematics, MDPI, vol. 7(4), pages 1-23, April.
    11. Muhammad Jabir Khan & Poom Kumam & Peide Liu & Wiyada Kumam & Shahzaib Ashraf, 2019. "A Novel Approach to Generalized Intuitionistic Fuzzy Soft Sets and Its Application in Decision Support System," Mathematics, MDPI, vol. 7(8), pages 1-21, August.
    12. Shengjun Wu & Jie Wang & Guiwu Wei & Yu Wei, 2018. "Research on Construction Engineering Project Risk Assessment with Some 2-Tuple Linguistic Neutrosophic Hamy Mean Operators," Sustainability, MDPI, vol. 10(5), pages 1-26, May.
    13. Runtong Zhang & Jun Wang & Xiaomin Zhu & Meimei Xia & Ming Yu, 2017. "Some Generalized Pythagorean Fuzzy Bonferroni Mean Aggregation Operators with Their Application to Multiattribute Group Decision-Making," Complexity, Hindawi, vol. 2017, pages 1-16, August.
    14. Shouzhen Zeng & Dandan Luo & Chonghui Zhang & Xingsen Li, 2020. "A Correlation-Based TOPSIS Method for Multiple Attribute Decision Making with Single-Valued Neutrosophic Information," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 343-358, February.
    15. Fujun Hou, 2015. "A Consensus Gap Indicator and Its Application to Group Decision Making," Group Decision and Negotiation, Springer, vol. 24(3), pages 415-428, May.
    16. Yun Jin & Hecheng Wu & Dechao Sun & Shouzhen Zeng & Dandan Luo & Bo Peng, 2019. "A Multi-Attribute Pearson’s Picture Fuzzy Correlation-Based Decision-Making Method," Mathematics, MDPI, vol. 7(10), pages 1-12, October.
    17. Hui Gao & Linggang Ran & Guiwu Wei & Cun Wei & Jiang Wu, 2020. "VIKOR Method for MAGDM Based on Q-Rung Interval-Valued Orthopair Fuzzy Information and Its Application to Supplier Selection of Medical Consumption Products," IJERPH, MDPI, vol. 17(2), pages 1-14, January.
    18. Zhengnan Lu & Yuting Zhang & Lan Xu, 2022. "Quality control decision of government procurement of elderly care service based on multi‐index fusion of Pythagoras TOPSIS: Perspective of complex network," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 1773-1791, September.
    19. Jun Liu & Xianbin Wu & Shouzhen Zeng & Tiejun Pan, 2017. "Intuitionistic Linguistic Multiple Attribute Decision-Making with Induced Aggregation Operator and Its Application to Low Carbon Supplier Selection," IJERPH, MDPI, vol. 14(12), pages 1-12, November.
    20. Vanita Rani & Satish Kumar, 2023. "MCDM Method for Evaluating and Ranking the Online Shopping Websites Based on a Novel Distance Measure Under Intuitionistic Fuzzy Environment," SN Operations Research Forum, Springer, vol. 4(4), pages 1-34, December.

    More about this item

    Keywords

    Picture fuzzy set; distance measures; ordered weighted distance; multiple attribute group decision making; investment selection;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D89 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Other

    Statistics

    Access and download statistics

    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:aes:amfeco:v:21:y:2019:i:52:p:682. 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: Valentin Dumitru (email available below). General contact details of provider: https://edirc.repec.org/data/aseeero.html .

    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.