A novel three-way group investment decision model under intuitionistic fuzzy multi-attribute group decision-making environment

Three-way decision (3WD) provides a new research perspective for dealing with uncertain and complex investment decision-making problems. This paper aims to study a novel three-way group investment decision (3WGID) model under intuitionistic fuzzy multi attribute group decision-making (MAGDM) environment, which can deepen the understanding of 3WD and expand its applications in profit-based investment decision making problems. Firstly, we design the calculation methods of the relative cost and revenue functions of alternatives with the aid of attribute values expressed by intuitionistic fuzzy values. Subsequently, aiming at multiple attributes in MAGDM problems, we calculate the aggregated cost and revenue functions of alternatives in each evaluation matrix. Then, we integrate the aggregated cost functions and the aggregated revenue functions to obtain the relative profit functions of alternatives in each evaluation matrix. In the context of group decision-making, we determine the overall profit functions of alternatives by fusing the collective opinions of multiple experts. In addition, considering that there is no decision attribute in MAGDM problems, we use intuitionistic fuzzy TOPSIS method to estimate the conditional probability in each evaluation matrix and calculate the comprehensive conditional probability by an aggregation approach. With these discussions, a 3WGID model is established by Bayesian decision procedure and the maximum-profit principle. Meanwhile, the decision rules and associated profits of alternatives are further induced. Ultimately, a coalfield investment case study, along with a sensitivity analysis and a comparative analysis, is adopted to demonstrate the effectiveness and feasibility of the established 3WGID model. (c) 2021 Elsevier Inc. All rights reserved.

Automated summary

The paper proposes a novel three-way group investment decision (3WGID) model under intuitionistic fuzzy multi attribute group decision-making (MAGDM) environment. The model aims to deepen the understanding of three-way decision (3WD) and expand its applications in profit-based investment decision making problems by calculating relative cost and revenue functions, integrating aggregated functions, and determining overall profit functions of alternatives through collective opinions of multiple experts. The effectiveness and feasibility of the 3WGID model are demonstrated through a coalfield investment case study.