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A new method for fuzzy decision making under risk and uncertainty

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  • José M. Merigó
  • Anna M. Gil-Lafuente
  • Daniel Palacios-Marqués

Abstract

A new decision making model is developed based on the use of a unified approach between the probability, the weighted average and the ordered weighted averaging (OWA) operator in an uncertain environment that can be assessed with fuzzy numbers (FNs). We present the fuzzy probabilistic ordered weighted averaging - weighted averaging (FPOWAWA) operator. It is an aggregation operator that integrates the OWA, the probability and the weighted average in the same formulation. Some of its main properties are studied and a wide range of particular cases such as the fuzzy probabilistic OWA, the fuzzy OWAWA, the fuzzy probabilistic weighted averaging operator and the fuzzy OWA operator. An application of the new approach in a fuzzy group decision making model regarding financial management is also developed.

Suggested Citation

  • José M. Merigó & Anna M. Gil-Lafuente & Daniel Palacios-Marqués, 2014. "A new method for fuzzy decision making under risk and uncertainty," International Journal of Business Continuity and Risk Management, Inderscience Enterprises Ltd, vol. 5(1), pages 29-42.
    • Handle: RePEc:ids:ijbcrm:v:5:y:2014:i:1:p:29-42
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    References listed on IDEAS

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    1. 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.
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