The uncertain probabilistic weighted average and its application in the theory of expertons
Year: 2011
Type: article
Abstract: A new model for dealing with decision making under risk by considering subjective and objective information in the same formulation is here presented. The uncertain probabilistic weighted average (UPWA) is also presented. Its main advantage is that it unifies the probability and the weighted average in the same formulation and considering the degree of importance that each case has in the analysis. Moreover, it is able to deal with uncertain environments represented in the form of interval numbers. We study some of its main properties and particular cases. The applicability of the UPWA is studied and it is seen that it is very broad because all the previous studies that use the probability or the weighted average can be revised with this new approach. Focus is placed on a multi-person decision making problem regarding the selection of strategies by using the theory of expertons.
DOI: 10.5897/ajbm11.028
Author: José M. Merigó
Institution: Universitat de Barcelona
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
Estimated APC paid: $413
OpenAlex ID: W2105439211