Affiliations: School of Information Management and Engineering, Zhejiang University of Finance and Economics, Hangzhou, China
Correspondence:
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Corresponding author. Zhou-Jing Wang, School of Information Management and Engineering, Zhejiang University of Finance and Economics, Hangzhou 310018, China. E-mail: wangzj@xmu.edu.cn.
Abstract: For qualitative decision making problems based on decision makers’ (DMs’) risk preferences and unbalanced linguistic term sets (LTSs), a new linguistic multi-attribute decision making (MADM) method is developed. Firstly, a concept of the generalized linguistic term set (GLTS) with triangular fuzzy semantic information is introduced. In order to capture and measure the DM’s risk preference, a triangular fuzzy membership function with risk preference parameters is constructed. Then, based on the expected semantic information of linguistic terms given by the DM and the distance between two triangular fuzzy numbers, a nonlinear programming model is established to obtain an optimal GLTS. An approach to linguistic MADM considering the DM’s risk preference is developed and its detailed steps are given. Finally, a numerical example and a sensitivity analysis of risk preference parameters are examined to illustrate the feasibility and effectiveness of the proposed models.
Keywords: Multi-attribute decision making (MADM), risk preference, triangular fuzzy number, generalized linguistic term set (GLTS), decision matrix
