title: Expected Utility Based Decision Making under Z-Information and Its Application.
abstract: Real-world decision relevant information is often partially reliable. The reasons are partial reliability of the source of information, misperceptions, psychological biases, incompetence, and so forth. Z-numbers based formalization of information (Z-information) represents a natural language (NL) based value of a variable of interest in line with the related NL based reliability. What is important is that Z-information not only is the most general representation of real-world imperfect information but also has the highest descriptive power from human perception point of view as compared to fuzzy number. In this study, we present an approach to decision making under Z-information based on direct computation over Z-numbers. This approach utilizes expected utility paradigm and is applied to a benchmark decision problem in the field of economics.
authors.affiliation: Department of Mathematics, Eastern Mediterranean University, Famagusta, Northern Cyprus, Mersin 10, Turkey.
authors.forename: Rashad R
authors.initials: RR
authors.lastname: Aliev
authors.affiliation: Department of Mathematics, Eastern Mediterranean University, Famagusta, Northern Cyprus, Mersin 10, Turkey.
authors.forename: Derar Atallah Talal
authors.initials: DA
authors.lastname: Mraiziq
authors.affiliation: Department of Computer-Aided Control Systems, Azerbaijan State Oil Academy, 20 Azadlig Avenue, 1010 Baku, Azerbaijan.
authors.forename: Oleg H
authors.initials: OH
authors.lastname: Huseynov
mesh_terms: D000465:Algorithms; D003657:Decision Making; D001330:Electronic Data Processing / Q000379:methods*; D006801:Humans; D007257:Information Theory; D007802:Language; D010363:Pattern Recognition, Automated / Q000379:methods; D035501:Uncertainty