Towards Decision Making under Interval, Set-Valued, Fuzzy, and Z-Number Uncertainty: A Fair Price Approach

Authors

Joe Lorkowski, The University of Texas at El PasoFollow
Vladik Kreinovich, The University of Texas at El PasoFollow
Rafik Aliev, Azerbaijan State Oil AcademyFollow

Publication Date

3-2014

Comments

Technical Report: UTEP-CS-14-07a

Published in Proceedings of the IEEE World Congress on Computational Intelligence, Beijing, China, July 6-11, 2014.

Abstract

In this paper, we explore one of the possible ways to make decisions under uncertainty: namely, we explain how to define a fair price for a participation in such a decision, and then select an alternative for which the corresponding fair price is the largest. This idea is explained on the examples of interval uncertainty, set-valued, fuzzy, and Z-number uncertainty.