Research on the random multi-attribute decision-making methods with trapezoidal fuzzy probability based on prospect theory

Abstract

With respect to the random multi-attribute decision making problems with trapezoidal fuzzy probability and unknown weight, a multi-attribute decision making method based on prospect theory is proposed. To begin with, the definition of trapezoidal fuzzy probability is given, and the selection principles for decision-making reference point in prospect theory are discussed. Further, the prospect value function and probability weight function of the trapezoidal fuzzy number based on the decision-making reference point of each attribute are constructed. Then, the prospect value of attribute for every alternative is calculated through prospect value function and probability weight function of the trapezoidal fuzzy number, and attribute weights are calculated by the variation coefficient method, and all the alternatives are ranked by the weighted prospect values and TOPSIS method, respectively. Finally, an illustrate example is given to show the decision-making steps, and the results are shown the feasibility of the methods.