Interval type-2 fuzzy sets based multi-criteria decision-making model for offshore wind farm development in Ireland

Deveci, Muhammet; Cali, Ümit; Kucuksari, Sadik; Erdoğan, Nuh

doi:10.1016/j.energy.2020.117317

Cited by 100 publications

(28 citation statements)

References 45 publications

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“…Furthermore, Demirel et al (2016) introduced a comparative evaluation for location selection of textile plants in Turkey and ranked alternatives using TOPSIS. Deveci et al (2020) and Türk et al (2021) applied the methodology with IT2 fuzzy sets for offshore wind farm development and locating electric charging stations. In addition, Qiu et al (2020) used TOPSIS to conduct risk evaluation of the wind energy investments in emerging economies.…”

Section: Literature On Mcdm Modelsmentioning

confidence: 99%

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

et al. 2021

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Financial technology (Fintech) makes a significant contribution to the financial system by reducing costs, providing higher quality services and increasing customer satisfaction. Hence, new studies play an essential role to improve Fintech investments. This study evaluates Fintech-based investments of European banking services with an application of an original methodology that considers interval type-2 (IT2) fuzzy decision-making trial and evaluation laboratory and IT2 fuzzy TOPSIS models. Empirical findings are controlled for consistency by applying the VIKOR method. Moreover, we conduct a sensitivity analysis by considering six distinct cases. This study contributes to the existing literature by identifying the most important Fintech-based investment alternatives to improve the financial performance of European banks. Our empirical findings illustrate that results are coherent, reliable, and identify “competitive advantage” as the most important factor among Fintech-based determinants. Moreover, “payment and money transferring systems” are the most important Fintech-based investment alternatives. It is recommended that, among Fintech-based investments, European banks should mainly focus on payment and money transferring alternatives to attract the attention of customers and satisfy their expectations. This is also believed to have a positive impact on the ease of bank’ receivable collection. Another important point is that Fintech-based investments in money transferring systems could help to decrease costs.

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Section: Literature On Mcdm Modelsmentioning

confidence: 99%

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

et al. 2021

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“…ese drawbacks will be studied in our future work. Also, we will define some more generalized algorithms to solve more complex problems such as brain hemorrhage, healthcare, nonlinear systems, and control systems to solve the complex decision-making problems [50][51][52].…”

Section: Discussionmentioning

confidence: 99%

Multiple-Attribute Decision-Making Problem Using TOPSIS and Choquet Integral with Hesitant Fuzzy Number Information

Garg

Keikha

Nehi

2020

Mathematical Problems in Engineering

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The paper aims are to present a method to solve the multiple-attribute decision-making (MADM) problems under the hesitant fuzzy set environment. In MADM problems, the information collection, aggregation, and the measure phases are crucial to direct the problem. However, to handle the uncertainties in the collection data, a hesitant fuzzy number is one of the most prominent ways to express uncertain and vague information in terms of different discrete numbers rather than a single crisp number. Additionally, to aggregate and to rank the collective numbers, a TOPSIS (“Technique for Order of Preference by Similarity to Ideal Solution”) and the Choquet integral (CI) are the useful tools. Keeping all these features, in the present paper, we combine the TOPSIS and CI methods for hesitant fuzzy information and hence present a method named as TOPSIS-CI to address the MADM problems. The presented method has been described with a numerical example. Finally, the validity of the stated method as well as a comparative analysis with the existing methods is addressed in detail.

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“…The next step was to define the evaluation criteria used in the decision problem. Literature review [14,[18][19][20][21][22], analysis of available information on planned investments [31][32][33][34][35][36][37] and consultation with field experts made it possible to indicate the criteria presented in Table 1. Experts -individually determined the weights of the criteria presented in Table 2.…”

Section: Model Of the Decision Problemmentioning

confidence: 99%

“…Deveci et al used the interval-valued fuzzy rough based Delphi method to assess criteria used in decision problems related to the location of offshore wind farms [14]. Similarly, Deveci et al used the interval type-2 fuzzy TOPSIS method to evaluate an offshore wind farm in Ireland [22]. The applied methods use very complex fuzzy arithmetic, which make them very computationally complicated and therefore can be treated by stakeholders as a "black box", which may undermine the confidence of decision makers in the recommendations obtained using these MCDA methods [23].…”

Section: Introductionmentioning

confidence: 99%

Multi-Criteria Fuzzy Evaluation of the Planned Offshore Wind Farm Investments in Poland

Ziemba

2021

Energies

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In recent years, the dynamic development of renewable energy has been visible all over the world, including Poland. Wind energy is one of the most used renewable energy sources. In Poland, by 2030, it is planned to commission at least six offshore wind farms with a total capacity of 3.8 GW. It is estimated that these investments will increase Poland’s GDP by approximately PLN 60 billion and increase tax revenues by PLN 15 billion. Therefore, they could be a strong stimulus for the development of the Polish economy and may be of great importance in recovering from the crisis caused by the economic constraints related to the COVID-19 pandemic. The aim of the article is a multi-criteria evaluation of the investments planned in Poland in offshore wind farms and identification of potentially the most economically effective investments. To account for the uncertainty in this decision problem, a modified fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) method was used and a comprehensive sensitivity analysis was performed. As a result of the research, a ranking of the considered projects was constructed and the most preferred investments were identified. Moreover, it has been shown that all the investments considered are justified and recommended.

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Interval type-2 fuzzy sets based multi-criteria decision-making model for offshore wind farm development in Ireland

Cited by 100 publications

References 45 publications

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

Fintech investments in European banks: a hybrid IT2 fuzzy multidimensional decision-making approach

Multiple-Attribute Decision-Making Problem Using TOPSIS and Choquet Integral with Hesitant Fuzzy Number Information

Multi-Criteria Fuzzy Evaluation of the Planned Offshore Wind Farm Investments in Poland

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