A Comprehensive Evaluation Method for Relay Protection Devices Considering Loss Aversion Characteristics

Loss aversion exists typically in evaluations, where an equivalent loss produces greater psychological utility than a gain, making decision makers more focused on taking action to avoid the loss. For the comprehensive evaluation of relay protection devices, it is manifested that experts believe that the performance indicators of relay protection devices reflect different degrees of performance improvement when the amount of change is the same at different points, which leads to the inaccurate results of the evaluation indexes' assignment, and even leads to the distortion of the evaluation. Aiming at the above problems, this paper improves the assignment method based on expert scoring and proposes a comprehensive evaluation method for relay protection devices considering loss aversion features. Firstly, the loss aversion characteristics in the comprehensive evaluation of relay protection devices are analyzed and a loss aversion value utility function applicable to relay protection devices is determined; Secondly, the rationality of expert scores is enhanced by the double entropy value correction G1 method, and the evaluation index assignment method with comprehensive consideration of subjectivity and objectivity is established; Further, an improved comprehensive evaluation method for relay protection devices considering loss aversion and the differences in expert empowerment is proposed; finally, an arithmetic example analysis is carried out based on actual data.