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Fuzzy rationality and parameter elicitation in decision analysis

journal contribution
posted on 2023-05-19, 20:43 authored by Nataliya NikolovaNataliya Nikolova, Kiril TenekedjievKiril Tenekedjiev
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.

History

Publication title

International Journal of General Systems

Volume

39

Issue

5

Pagination

539-556

ISSN

0308-1079

Department/School

Australian Maritime College

Publisher

Taylor & Francis Ltd

Place of publication

United Kingdom

Rights statement

Copyright 2010 Taylor & Francis

Repository Status

  • Restricted

Socio-economic Objectives

Expanding knowledge in the information and computing sciences

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