A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information

doi:10.1016/j.knosys.2018.12.029

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	A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information
	Zhou, Xiaoyang 1,2; Wang, Liqin 1; Liao, Huchang 3; Wang, Shouyang2 ; Lev, Benjamin 4; Fujita, Hamido 5
	2019-03-15
发表期刊	KNOWLEDGE-BASED SYSTEMS
ISSN	0950-7051
卷号	168 页码:28-38
摘要	The problem that firms usually face with is how to allocate limited funds to available projects. In this study, we develop a group decision-making approach to help managers to select optimal portfolio in which the group contains several experts who are invited to express their personal evaluations on candidate projects. The proposed approach considers not only the group intelligence, but also the consensus process of group decision making. Because of the uncertain environment of portfolio selection, especially when investing newly-established projects, the hesitant fuzzy information is considered in evaluating the performance of projects. Furthermore, the score function and deviation function of hesitant fuzzy numbers are used to depict the return and risk of the projects, respectively. In addition, the prospect theory is employed to reflect the psychological behavior of experts because they evaluate the projects relying heavily on their intuition under risk. A numerical example is given to demonstrate the applicability of the proposed method and comparisons are conducted to show the advantages of the method. (C) 2018 Elsevier B.V. All rights reserved.
关键词	Portfolio selection Group decision making Prospect theory Consensus process
DOI	10.1016/j.knosys.2018.12.029
语种	英语
资助项目	National Natural Science Foundation of China[71871175] ; National Natural Science Foundation of China[71771156] ; National Natural Science Foundation of China[71501135] ; 2019 Sichuan Planning Project of Social Science[SC18A007] ; 2018 Key Research Institute of Humanities and Social Sciences in Sichuan Province[Xq18A01] ; 2018 Key Research Institute of Humanities and Social Sciences in Sichuan Province[LYC18-02] ; Electronic Commerce and Modern Logistics Research Center Program, Key Research Base of Humanities and Social Science, Sichuan Provincial Education Department[DSWL18-2] ; Spark Project of Innovation at Sichuan University[2018hhs-43]
WOS研究方向	Computer Science
WOS类目	Computer Science, Artificial Intelligence
WOS记录号	WOS:000460715300004
出版者	ELSEVIER SCIENCE BV
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/33356
专题	系统科学研究所
通讯作者	Liao, Huchang
作者单位	1.Shaanxi Normal Univ, Int Business Sch, Xian 710119, Shaanxi, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100190, Peoples R China 3.Sichuan Univ, Sch Business, Chengdu 610064, Sichuan, Peoples R China 4.Drexel Univ, Dept Decis Sci, LeBow Coll Business, Philadelphia, PA 19104 USA 5.Iwate Prefectural Univ, Fac Software & Informat Sci, Takizawa, Iwate, Japan
推荐引用方式 GB/T 7714	Zhou, Xiaoyang,Wang, Liqin,Liao, Huchang,et al. A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information[J]. KNOWLEDGE-BASED SYSTEMS,2019,168:28-38.
APA	Zhou, Xiaoyang,Wang, Liqin,Liao, Huchang,Wang, Shouyang,Lev, Benjamin,&Fujita, Hamido.(2019).A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information.KNOWLEDGE-BASED SYSTEMS,168,28-38.
MLA	Zhou, Xiaoyang,et al."A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information".KNOWLEDGE-BASED SYSTEMS 168(2019):28-38.