Dynamic Hybrid Multiple Attribute Decision-Making Problem Based on Reference Point Adaptation

8Citations
Citations of this article
9Readers
Mendeley users who have this article in their library.

This article is free to access.

Abstract

Individuals' decision-making depends on reference points in prospect theory. This research considers the bounded rationality of decision makers and constructs a dynamic hybrid multiple attribute decision-making (DHMADM) model. Unlike existing models, the DHMADM model focuses on dynamic reference point, which has been proven in prospect theory. This research presents the effects of reference point adaptation on decision-making through model calculation. The optimal choice of decision makers changed with the change of the reference point in the DHMADM model. By experiment, we found that the DHMADM model considering reference point adaptation can more accurately express the final choice of decision makers than models only considering the static reference point.

Cite

CITATION STYLE

APA

Ma, W. M., Zhang, H., Sun, B. Z., Wang, N. L., & Zhao, H. Y. (2019). Dynamic Hybrid Multiple Attribute Decision-Making Problem Based on Reference Point Adaptation. Mathematical Problems in Engineering, 2019. https://doi.org/10.1155/2019/9470172

Register to see more suggestions

Mendeley helps you to discover research relevant for your work.

Already have an account?

Save time finding and organizing research with Mendeley

Sign up for free