An FMCDM approach to purchasing decision-making based on cloud model and prospect theory in e-commerce

Abstract

This paper presents a fuzzy multi-criteria decision-making (FMCDM) approach based on cloud model and prospect theory. In addition, a reference point selection method is developed according to the evaluations of the potential customer or similar consumers regarding certain items. An example of purchasing decision problems is provided in order to illustrate the applicability of the proposed approach. A comparative analysis of the proposed approach is also performed in order to verify its feasibility.

Keywords:

• Purchasing decision-making
• cloud model
• prospect theory
• reference point