Intuitionistic random multi-criteria decision-making approach based on prospect theory with multiple reference intervals

Abstract

With respect to multi-criteria decision-making (MCDM) problems under both stochastic and intuitionistic fuzzy uncertainties, this paper proposes an intuitionistic random MCDMapproach based on prospect theory. Since the reference point in prospect theory is affected by many factors, whichresults indifficulties for decision makers(DMs)to determine it,this paper developsan approach to acquire multiple reference points inthe form of interval numberstosupport a certain alternative to be the most preferred one, thus helping DM to finda satisfyingsolution by comparison with her/his own preference. Meanwhile, a novel score function of intuitionistic fuzzy(IF)number is proposed based on DM's psychology of loss aversion, and a distance measure of IFset is proposed as well, considering fully its actual meaning. Finally, we illustrate the effectiveness and practicalityof the proposed method through a numerical example.