This framework demonstrates effective decision-making with uncertain attributes in risk analysis, suggesting new methodologies.
Characterizing decision-makers' risk attitudes under uncertain conditions has always been a key research topic in decision-making analysis. Based on cumulative prospect theory, this study addresses multi-attribute decision-making problems with interval grey numbers as the attribute values and uncertain attribute weights. From the perspectives of closeness degree and balance, we constructed a generalized greyness multi-attribute decision-making model framework under prospect theory. First, the properties of the greyness distance were analyzed, and a simplified calculation formula was proposed. Subsequently, a weight determination method based on prospect theory is introduced. Finally, a prospect-theory-based decision-making model is established to calculate the comprehensive prospect values of each alternative and rank them to obtain the optimal choice. Through case analysis and comparison of the results, the effective-ness and superiority of the proposed decision-making framework were verified.
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Liu et al. (2025) studied this question.
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