Improved TODIM method for intuitionistic fuzzy MAGDM based on cumulative prospect theory and its application on stock in
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ORIGINAL ARTICLE
Improved TODIM method for intuitionistic fuzzy MAGDM based on cumulative prospect theory and its application on stock investment selection Mengwei Zhao1 · Guiwu Wei1 · Cun Wei2 · Jiang Wu2 Received: 30 December 2019 / Accepted: 19 September 2020 © Springer-Verlag GmbH Germany, part of Springer Nature 2020
Abstract The stock investment selection could be regarded as a classical multiple attribute group decision making (MAGDM) issue. The intuitionistic fuzzy sets (IFSs) can fully describes the uncertain information for stock investment selection. Furthermore, the classical TODIM method based on the cumulative prospect theory (CPT-TODIM) is built, which is a selectable method in reflecting the DMs’ psychological behavior. Thus, in this paper, the intuitionistic fuzzy CPT-TODIM (IF-CPT-TODIM) method is proposed for MAGDM issue. At the same time, it is enhancing rationality to get the weight information of attributes by using the CRITIC method under IFSs. And focusing on hot issues in contemporary society, this article applies the discussed method for stock investment selection and demonstrates for stock investment selection based on the proposed method. Finally, through comparing the outcome of comparative analysis, we conclude that this improved approach is acceptable. Keywords Multiple attribute group decision making (MAGDM) · Intuitionistic fuzzy sets · TODIM · Cumulative prospect theory (CPT) · Stock investment selection
1 Introduction The fuzzy set proposed by Zadeh [1] breaks the limitation of traditional mathematics and is a great leap forward in mathematics field, expanding the field of mathematics and strengthening the connection between mathematics and the actual environment. In order to improve the use of fuzzy sets, Atanassov [2] proposed intuitionistic fuzzy sets (IFSs) and introduced hesitation between positive and negative. Xu and Yager [3] developed several geometric operators for IFSs. Hu, Zhang, Yang, Liu and Chen [4] combined VIKOR method with IFSs and established a ranking model to evaluate doctors by using text information and digital information. Song, Fu, Wang and Wang [5] put forward a new IFSs uncertainty measure and established an attribute weight * Guiwu Wei [email protected] 1
School of Business, Sichuan Normal University, Chengdu 610101, People’s Republic of China
School of Statistics, Southwestern University of Finance and Economics, Chengdu 611130, People’s Republic of China
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optimization model for the MAGDM problem. Buyukozkan and Gocer [6] proposed the IFCI operator based on IFSs to solve the uncertainty and ambiguity in the selection of wearable monitoring devices for cardiac patients. Singh, Kumar and Appadoo [7] added the concept of connection numbers to solve the problem of decision-making in the context of IFSs. Gao, Zhang and Liu [8] took advantage of the relationships between IFSs and Dempster-Shafer Theory to examine the MADM. Wu, Wei, Wu and Wei [9] designed some dombi heronian mean operators under interval-valued IFSs. Wu, Wang and Gao [10] desig
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