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Published, Version of Record (VoR)CC BY-NC-ND V4.0, Open
Journal article
A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information
Knowledge-based systems, v 168, pp 28-38
15 Mar 2019
Abstract
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.
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Details
- Title
- A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information
- Creators
- Xiaoyang Zhou - Academy of Mathematics and Systems ScienceLiqin Wang - Shaanxi Normal UniversityHuchang Liao - Sichuan UniversityShouyang Wang - Academy of Mathematics and Systems ScienceBenjamin Lev - Drexel UniversityHamido Fujita - Iwate Prefectural University
- Publication Details
- Knowledge-based systems, v 168, pp 28-38
- Publisher
- Elsevier
- Number of pages
- 11
- Grant note
- 71871175; 71771156; 71501135 / National Natural Science Foundation of China; National Natural Science Foundation of China (NSFC) DSWL18-2 / Electronic Commerce and Modern Logistics Research Center Program, Key Research Base of Humanities and Social Science, Sichuan Provincial Education Department Xq18A01; LYC18-02 / 2018 Key Research Institute of Humanities and Social Sciences in Sichuan Province 2018hhs-43 / Spark Project of Innovation at Sichuan University SC18A007 / 2019 Sichuan Planning Project of Social Science
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Decision Sciences (and Management Information Systems)
- Web of Science ID
- WOS:000460715300004
- Scopus ID
- 2-s2.0-85059742689
- Other Identifier
- 991019169521804721
InCites Highlights
Data related to this publication, from InCites Benchmarking & Analytics tool:
- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Computer Science, Artificial Intelligence