GIFTWD: A Prospect Theory-Based Generalized Intuitionistic Fuzzy Three-Way Decision Model

Recently, the three-way decision models based on prospect theory have attracted much attention, because they can well consider the risk attitude of decision makers when decisions involve gains and losses. However, in terms of reference point selection for prospect theory, these models adopt a unified strategy for all alternatives without considering the characteristics of the alternatives themselves. To solve this problem, a reference point selection method based on fuzzy information granules is proposed in this article. Furthermore, a prospect theory-based generalized intuitionistic fuzzy three-way decision model is established. Specifically, first, a reference point selection method based on fuzzy information granules is constructed for the evaluation values of alternatives. Second, based on the value function of prospect theory, an intuitionistic fuzzy scoring function is proposed. Meanwhile, based on the difference between the two intuitionistic fuzzy scoring values, a PROMETHEE-based trisecting method is designed. In addition, utilizing the priority relationship existing in three divisions, a generalized ranking strategy using recursive trisecting is established for obtaining the ranking result of alternatives. Finally, based on the priority relationship of the classification attribute, an effectiveness index is proposed to evaluate the effectiveness of the decision-making method in decision-making cases. On this basis, the proposed model is used to process different decision-making cases, verifying its effectiveness, superiority, and feasibility.