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State-of-the-art research in fuzzy decision theory
Recent advances in fuzzy economics
Written by a leading expert in the field
Every day decision making and decision making in complex human-centric systems are characterized by imperfect decision-relevant information. Main drawback of the existing decision theories is namely incapability to deal with imperfect information and modeling vague preferences. Actually, a paradigm of non-numerical probabilities in decision making has a long history and arose also in Keynes’s analysis of uncertainty. There is a need for further generalization – a move to decision theories with perception-based imperfect information described in NL. The languages of new decision models for human-centric systems should be not languages based on binary logic but human-centric computational schemes able to operate on NL-described information. Development of new theories is now possible due to an increased computational power of information processing systems which allows for computations with imperfect information, particularly, imprecise and partially true information, which are much more complex than computations over numbers and probabilities.
The monograph exposes the foundations of a new decision theory with imperfect decision-relevant information on environment and a decision maker’s behavior. This theory is based on the synthesis of the fuzzy sets theory with perception-based information and the probability theory.
The book is self containing and represents in a systematic way the decision theory with imperfect information into the educational systems. The book will be helpful for teachers and students of universities and colleges, for managers and specialists from various fields of business and economics, production and social sphere.
Content Level »Research
Keywords »Behavioral Decision Making - Decision Making - Decision Problem - Fuzzy Logic - Imperfect Information - Theory of Decisions - Uncertain Preferences
Fuzzy Sets and Fuzzy Logic.- Brief Review of Theories of Decision Making.- Uncertain Preferences and Imperfect information in Decision Making.- A Generalized Fuzzy Logic-Based Decision theory.- Extention to Behavioral Decision Making.- Decision Making on the Basis of Fuzzy Geometry.- Fuzzy Logic Based Generalized Theory of Stability.- Experiments and Applications.