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Fuzzy rationality and parameter elicitation in decision analysis

Citation

Nikolova, ND and Tenekedjiev, KI, Fuzzy rationality and parameter elicitation in decision analysis, International Journal of General Systems, 39, (5) pp. 539-556. ISSN 0308-1079 (2010) [Refereed Article]

Copyright Statement

Copyright 2010 Taylor & Francis

DOI: doi:10.1080/03081079.2010.484269

Abstract

It is widely recognised by decision analysts that real decision-makers always make estimates in an interval form. An overview of techniques to find an optimal alternative among such with imprecise and interval probabilities is presented. Scalarisation methods are outlined as most appropriate. A proper continuation of such techniques is fuzzy rational (FR) decision analysis. A detailed representation of the elicitation process influenced by fuzzy rationality is given. The interval character of probabilities leads to the introduction of ribbon functions, whose general form and special cases are compared with the p-boxes. As demonstrated, approximation of utilities in FR decision analysis does not depend on the probabilities, but the approximation of probabilities is dependent on preferences.

Item Details

Item Type:Refereed Article
Keywords:fuzzy rationality, elicitation, interval estimates, ribbon functions
Research Division:Information and Computing Sciences
Research Group:Information Systems
Research Field:Decision Support and Group Support Systems
Objective Division:Expanding Knowledge
Objective Group:Expanding Knowledge
Objective Field:Expanding Knowledge in the Information and Computing Sciences
UTAS Author:Nikolova, ND (Professor Nataliya Nikolova)
UTAS Author:Tenekedjiev, KI (Professor Kiril Tenekedjiev)
ID Code:127964
Year Published:2010
Web of Science® Times Cited:1
Deposited By:AMC Governance Office
Deposited On:2018-08-26
Last Modified:2018-09-06
Downloads:0

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