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Related Concept Videos

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Related Experiment Video

Updated: Apr 24, 2026

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Grey situation group decision-making method based on prospect theory.

Na Zhang1, Zhigeng Fang2, Xiaqing Liu2

  • 1Corps Financial Development Research Center, Shihezi University, Wujiaqu 831300, China ; Commerce College, Shihezi University, Wujiaqu 831300, China ; College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing 210016, China.

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|September 9, 2014
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Summary

This study introduces a grey situation group decision-making method incorporating prospect theory and expert risk preferences. The approach enhances decision-making accuracy by aligning with psychological behavior, validated through a practical example.

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Area of Science:

  • Decision Sciences
  • Operations Research
  • Behavioral Economics

Background:

  • Group decision-making in grey situations involves multiple experts with varying risk preferences.
  • Existing methods may not fully account for the psychological behavior of decision-makers.
  • Grey situation analysis requires robust methods to handle uncertainty and subjective inputs.

Purpose of the Study:

  • To develop a novel grey situation group decision-making method based on prospect theory.
  • To integrate decision experts' risk preferences into the decision-making process.
  • To improve the alignment of final decisions with expert psychological behavior.

Main Methods:

  • Utilized prospect theory with positive and negative ideal situation distances as reference points.
  • Defined positive and negative prospect value functions to model expert risk attitudes.
  • Employed the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) to determine expert weights.
  • Constructed a comprehensive prospect value matrix for expert evaluations.

Main Results:

  • The proposed method successfully incorporates expert risk preferences into grey decision-making.
  • Demonstrated improved decision-making alignment with expert psychological behavior.
  • Verified the effectiveness and feasibility of the method through a specific case study.

Conclusions:

  • The new method offers a more psychologically realistic approach to grey situation group decision-making.
  • Integrating prospect theory and expert risk preferences enhances decision quality in uncertain environments.
  • The validated method provides a practical tool for complex group decision problems.