The interval grey numbers ranking based on risk preferences

Abstract

In this paper, a new method for ranking interval grey numbers to address the challenge in multi-criteria decision making problems with interval grey numbers has been proposed. This new method involves the risk preferences of decision makers. First, we propose a new method to rank the interval grey numbers by comparing the possibility degree or whitened-value. Second, we classify the decision makers into three different types according to their risk preferences then we establish the corresponding risk preference assumptions to solve the problem that different interval grey numbers with the same possibility degree or whitened-value. Finally, we use a realistic voting example to demonstrate the practicability and effectiveness of the proposed method.