Approach for multi-criteria ranking of Balkan countries based on the index of economic freedom

Puška, Adis; Štilić, Anđelka; Stojanović, Ilija

doi:10.31181/jdaic10017022023p

Cited by 49 publications

(21 citation statements)

References 34 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The outcomes of MCDM models often become unstable because of sudden changes in the governing conditions, such as changes in the criteria set, variations in the weights, selection of the alternatives, and addition/removal of elements of the decision matrix [ 62 , 63 , 64 , 65 , 66 , 67 , 68 ]. Therefore, it is important to carry out a sensitivity analysis (SA) to examine the stability of the solution.…”

Section: Resultsmentioning

confidence: 99%

A Multicriteria-Based Comparison of Electric Vehicles Using q-Rung Orthopair Fuzzy Numbers

Biswas

Sanyal

Božanić

et al. 2023

Entropy

Self Cite

View full text Add to dashboard Cite

The subject of this research is the evaluation of electric cars and the choice of car that best meets the set research criteria. To this end, the criteria weights were determined using the entropy method with two-step normalization and a full consistency check. In addition, the entropy method was extended further with q-rung orthopair fuzzy (qROF) information and Einstein aggregation for carrying out decision making under uncertainty with imprecise information. Sustainable transportation was selected as the area of application. The current work compared a set of 20 leading EVs in India using the proposed decision-making model. The comparison was designed to cover two aspects: technical attributes and user opinions. For the ranking of the EVs, a recently developed multicriteria decision-making (MCDM) model, the alternative ranking order method with two-step normalization (AROMAN), was used. The present work is a novel hybridization of the entropy method, full consistency method (FUCOM), and AROMAN in an uncertain environment. The results show that the electricity consumption criterion (w = 0.0944) received the greatest weight, while the best ranked alternative was A7. The results also show robustness and stability, as revealed through a comparison with the other MCDM models and a sensitivity analysis. The present work is different from the past studies, as it provides a robust hybrid decision-making model that uses both objective and subjective information.

show abstract

Section: Resultsmentioning

confidence: 99%

A Multicriteria-Based Comparison of Electric Vehicles Using q-Rung Orthopair Fuzzy Numbers

Biswas

Sanyal

Božanić

et al. 2023

Entropy

Self Cite

View full text Add to dashboard Cite

show abstract

“…This is one of the reasons why this analysis has been performed. By using different fuzzy methods, it is possible to refute the results and prove that fuzzy CRADIS is not an adequate method for solving this research problem [ 44 ].…”

Section: Research Resultsmentioning

confidence: 99%

Selection of an Insurance Company in Agriculture through Hybrid Multi-Criteria Decision-Making

Puška

Lukić²,

Božanić

et al. 2023

Entropy

Self Cite

View full text Add to dashboard Cite

Crop insurance is used to reduce risk in agriculture. This research is focused on selecting an insurance company that provides the best policy conditions for crop insurance. A total of five insurance companies that provide crop insurance services in the Republic of Serbia were selected. To choose the insurance company that provides the best policy conditions for farmers, expert opinions were solicited. In addition, fuzzy methods were used to assess the weights of the various criteria and to evaluate insurance companies. The weight of each criterion was determined using a combined approach based on fuzzy LMAW (the logarithm methodology of additive weights) and entropy methods. Fuzzy LMAW was used to determine the weights subjectively through expert ratings, while fuzzy entropy was used to determine the weights objectively. The results of these methods showed that the price criterion received the highest weight. The selection of the insurance company was made using the fuzzy CRADIS (compromise ranking of alternatives, from distance to ideal solution) method. The results of this method showed that the insurance company DDOR offers the best conditions for crop insurance for farmers. These results were confirmed by a validation of the results and sensitivity analysis. Based on all of this, it was shown that fuzzy methods can be used in the selection of insurance companies.

show abstract

“…In contrast to the approach adopted in the original GKI report, where the first six indicators were uniformly assigned a weight of 0.15 and the final indicator a weight of 0.10 [8], this study utilized the Entropy method to objectively determine the weights of the criteria. The Entropy method, widely acknowledged for its objective weight determination capabilities [14], was meticulously applied as follows [15]:…”

Section: Methodsmentioning

confidence: 99%

Evaluating the Knowledge Economies within the European Union: A Global Knowledge Index Ranking via Entropy and CRADIS Methodologies

Puška,

Hodžić,

Štilić

2023

IJKIS

View full text Add to dashboard Cite

In this study, a novel methodology is proposed for ranking the knowledge economies of European Union (EU) countries, leveraging their positioning within the global knowledge index (GKI). The GKI, encompassing seven pivotal indicators, serves as a benchmark for assessing a nation's knowledge economy. The EU, a prominent political and economic conglomerate, forms the focal point of this analysis. A multi-criteria analysis approach is adopted, wherein the Entropy method is utilized to determine the significance of individual GKI indicators. Additionally, the CRADIS (Compromise Ranking of Alternatives from Distance to Ideal Solution) method is employed for the ranking of these nations. The Entropy method, renowned for its efficacy in subjective weight determination, and the CRADIS method, a novel multi-criteria analysis tool yielding results based on deviations from the ideal and anti-ideal solutions, are integrated. This integration is pivotal, as it offers results comparable with other multicriteria methodologies. The analysis reveals that Research Development and Innovation emerges as the most critical indicator. According to the CRADIS method, Sweden is identified as the leading country in terms of GKI indicators, followed by Finland and Denmark. This trend underscores a superior performance of the northern EU countries. Conversely, Eastern EU countries are observed to lag in their GKI standings. These findings are corroborated through comparative and sensitivity analyses, highlighting the influence of normalization on country rankings and pinpointing specific indicators necessitating enhancement for bolstering the knowledge economy. This research not only aids EU countries in identifying their strengths and weaknesses in the realm of knowledge economy but also serves as a strategic guide for policymakers. It provides actionable insights for fostering knowledge economy development, emphasizing the need for strengthening existing advantages and addressing shortcomings. Such strategic initiatives are crucial for enhancing global market competitiveness. The study's outcomes, therefore, offer valuable resources for decision-making in policy and economic development contexts.

show abstract

Approach for multi-criteria ranking of Balkan countries based on the index of economic freedom

Cited by 49 publications

References 34 publications

A Multicriteria-Based Comparison of Electric Vehicles Using q-Rung Orthopair Fuzzy Numbers

A Multicriteria-Based Comparison of Electric Vehicles Using q-Rung Orthopair Fuzzy Numbers

Selection of an Insurance Company in Agriculture through Hybrid Multi-Criteria Decision-Making

Evaluating the Knowledge Economies within the European Union: A Global Knowledge Index Ranking via Entropy and CRADIS Methodologies

Contact Info

Product

Resources

About