Methods for probabilistic decision making with linguistic information

Abstract

With respect to decision making problems by using probabilities, immediate probabilities and information that can be represented with linguistic labels, some new decision analysis are proposed. Firstly, we shall develop three new aggregation operators: generalized probabilistic 2-tuple weighted average (GP-2TWA) operator, generalized probabilistic 2-tuple ordered weighted average (GP-2TOWA) operator and generalized immediate probabilistic 2-tuple ordered weighted average (GIP-2TOWA) operator. These operators use the weighted average (WA) operator, the ordered weighted average (OWA) operator, linguistic information, probabilistic information and immediate probabilistic information. They are quite useful because they can assess the uncertain information within the problem by using both linguistic labels and the probabilistic information that considers the attitudinal character of the decision maker. In these approaches, alternative appraisal values are calculated by the aggregation of 2-tuple linguistic information. Thus, the ranking of alternative or selection of the most desirable alternative(s) is obtained by the comparison of 2-tuple linguistic information. Finally, we give an illustrative example about selection of strategies to verify the developed approach and to demonstrate its feasibility and practicality.

Keywords:

• decision making
• linguistic information
• probabilistic
• generalized probabilistic 2-tuple weighted average (GP-2TWA) operator
• generalized probabilistic 2-tuple ordered weighted average (GP-2TOWA) operator
• generalized immediate probabilistic 2-tuple ordered weighted average (GIP-2TOWA) operator

JEL Classification:

• C02
• C44
• D81

Additional information

Notes on contributors

Guiwu Wei

Guiwu WEI has a MSc and a PhD degree in applied mathematics from SouthWest Petroleum University, Business Administration from school of Economics and Management at SouthWest Jiaotong University, China, respectively. He is an Associate Professor at the Department of Economics and Management at Chongqing University of Arts and Sciences. He has published more than 90 papers in journals, books and conference proceedings including journals such as Expert Systems with Applications, Applied Soft Computing, Knowledge and Information Systems, Knowledge-based Systems, International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems, Technological and Economic Development of Economy, International Journal of Computational Intelligence Systems and Information: An International Journal. He has published 1 book. He has participated in several scientific committees and serves as a reviewer in a wide range of journals including Computers & Industrial Engineering, International Journal of Information Technology and Decision Making, Knowledge-based Systems, Information Sciences, International Journal of Computational Intelligence Systems and European Journal of Operational Research. He is currently interested in aggregation operators, decision making and computing with words.

Xiaofei Zhao

Xiaofei ZHAO is a Lecturer at the Department of Economics and Management, Chongqing University of Arts and Sciences. He received the BE degree in management sciences and engineer from SouthWest Jiaotong University, China. He has worked for Department of Economics and Management, Chongqing University of Arts and Sciences, China as a lecturer since 2010.