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Uncertain finance: a systematic review of recent advances

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  • Xiangfeng Yang

    (University of International Business and Economics)

  • Haoxuan Li

    (University of International Business and Economics)

Abstract

Uncertainty theory, established on the foundational axioms of normality, duality, subadditivity, and product, is a new branch of mathematics and it is particularly applicable in scenarios where the distribution function is not close enough to observed frequencies, a common occurrence in financial markets. Consequently, the field of uncertain finance has been actively explored and advanced by numerous scholars. This paper presents a comprehensive state-of-the-art review of recent advances in uncertain finance. Through a systematic literature review methodology, we conducted an extensive search in the Web of Science database, covering publications from January 2009 to April 2025. Our search strategy yielded a total of 162 relevant articles focusing on uncertain finance, which form the basis of this review. The study systematically summarizes the key theoretical models and findings in the field of uncertain finance. Furthermore, it provides an analysis of potential future research directions and emerging trends in this domain.

Suggested Citation

  • Xiangfeng Yang & Haoxuan Li, 2025. "Uncertain finance: a systematic review of recent advances," Fuzzy Optimization and Decision Making, Springer, vol. 24(3), pages 531-561, September.
    • Handle: RePEc:spr:fuzodm:v:24:y:2025:i:3:d:10.1007_s10700-025-09455-z
    DOI: 10.1007/s10700-025-09455-z
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    8. Haoxuan Li & Jianlin He & Qi Zhang & Chuanmei Zhang & Wusheng Wang & Xianshuai Cao & Tongjie Zhang & Xiangfeng Yang, 2025. "Modeling product sales with uncertain differential equation: an application to Meituan," Fuzzy Optimization and Decision Making, Springer, vol. 24(2), pages 271-292, June.
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    18. Yang Liu & Baoding Liu, 2022. "Residual analysis and parameter estimation of uncertain differential equations," Fuzzy Optimization and Decision Making, Springer, vol. 21(4), pages 513-530, December.
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    25. Kai Yao & Zhongfeng Qin, 2021. "Barrier option pricing formulas of an uncertain stock model," Fuzzy Optimization and Decision Making, Springer, vol. 20(1), pages 81-100, March.
    26. Zhe Liu & Yanbin Li, 2024. "Pricing and valuation of carbon swap in uncertain finance market," Fuzzy Optimization and Decision Making, Springer, vol. 23(3), pages 319-336, September.
    27. Yiyao Sun & Taoyong Su, 2017. "Mean-reverting stock model with floating interest rate in uncertain environment," Fuzzy Optimization and Decision Making, Springer, vol. 16(2), pages 235-255, June.
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    36. Liu, Yang & Lio, Waichon, 2024. "Power option pricing problem of uncertain exponential Ornstein–Uhlenbeck model," Chaos, Solitons & Fractals, Elsevier, vol. 178(C).
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    38. Farshid Mehrdoust & Idin Noorani & Wei Xu, 2023. "Uncertain energy model for electricity and gas futures with application in spark-spread option price," Fuzzy Optimization and Decision Making, Springer, vol. 22(1), pages 123-148, March.
    39. Ziqiang Lu & Hongyan Yan & Yuanguo Zhu, 2019. "European option pricing model based on uncertain fractional differential equation," Fuzzy Optimization and Decision Making, Springer, vol. 18(2), pages 199-217, June.
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