科研之友
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摘要
Uncertainty and ambiguity are prevalent in daily decision-making processes. By closely integrating the prospect theory and the intuitionistic fuzzy sets, this paper develops a generalized framework of decision-making. Theoretically, we first use a four-step editing phase and a valuation phase to generate two key functions: the value function and the weighting function. We then demonstrate how to compute the intuitionistic fuzzy prospect values as the reference for decision-making. Empirically, experiments are conducted to examine how well the patterns of subjects' decision-making, under an intuitionistic fuzzy environment, comfort to the framework proposed in this paper. The experiments reveal that the ways that subjects choose to deal with information are consistent with what are implied by the fuzzy logic of our framework in various scenarios. The experimental results show that (i) the shapes of the value function and the weighting function in our framework are in line with those of prospect theory, (ii) people are less risk averse when making decisions under an intuitionistic fuzzy environment than under uncertainty, and (iii) with the presence of ambiguity, people systemically underweight the probabilities of the outcomes with gains as well as those of the outcomes with losses. This paper illustrates that our methodology can elicit prospects not only under uncertainty but also under ambiguity, and the decision-making patterns can be fully captured by parameters in the value function and the weighting function. As our approach generalizes to the case of ambiguity, the prospect theory can therefore be viewed as a special case in our framework.
