A three-way decision model based on cumulative prospect theory

At present, there are many subways being constructed in many cities. In the construction of subways, an appropriate scheme is helpful to save cost and ensure the quality of the project. This paper attaches great importance to present a multi-criteria group decision-making (MCGDM) method to deal with selecting an appropriate construction scheme for subways. The process of selecting an appropriate construction scheme for subways is complex because it includes a great deal of fuzzy and uncertain information which can be presented by multi-valued neutrosophic numbers (MVNNs). In addition, in order to handle the interaction of inputs, an improved generalized multi-valued neutrosophic weighted Heronian mean (IGMVNWHM) operator is introduced. Subsequently, a new distance measure between two MVNNs is defined for deriving the objective criteria weights. Considering that decision-makers are not completely rational, we develop an improved multi-valued neutrosophic MULTIMOORA method based on prospect theory. Finally, an application example of selecting an appropriate construction scheme for a subway and the influence of parameter are described. In addition, the validity and advantages of the proposed method are proved by comparative analysis.

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“…The prospect theory was developed by modifying the theory of maximum subjective expected utility [58].…”

Section: Prospect Theorymentioning

confidence: 99%

An improved MULTIMOORA method for multi-valued neutrosophic multi-criteria group decision-making based on prospect theory

Xiao

Wang²,

Wang

2021

Scientia Iranica

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“…Nevertheless, despite the increasing interest in choice issues, the quality of choice rarely gets into focus of an independent psychological research. Most approaches claim that any choice has an objectively measurable result obtained by performing a repeating sequence of cognitive operations (e.g., Fudenberg et al, 2018;Wang et al, 2020) and do not consider the complex intrapersonal choice process and aspects of its subjective experience. Among the existing limitations in choice research, there is also a frequent tendency to model a speculative construct, instead of direct investigation of the phenomenon.…”

Section: Problem Statementmentioning

confidence: 99%

Phenomenological Features of High-Quality Choices

Epelman¹

2020

European Proceedings of Social and Behavioural Sciences

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“…However, this is not the commonly occurred case in practical applications. For example, political voting in daily life can be "for ", "against" or "abstaining", while in medical diagnosis it is to "treat" or "not to treat", or "further diagnosis", the corresponding theory is the three-way decision-making [11,12].…”

Section: Introductionmentioning

confidence: 99%