Background: A decision-making method based on prospect theory and grey relational
analysis is proposed for multi-attribute decision-making with interval-valued intuitionistic fuzzy
number and incomplete attribute weight.
Methods: According to the prospect theory and the improved exact score function, the prospective
value function of interval-valued intuitionistic fuzzy numbers is defined, and the prospect decision
matrix is constructed with zero as the decision reference point. The optimization model is established
with the objective of maximizing the comprehensive prospective value and the subjective risk
preference as the constraint.
Results: The decision-maker's risk preference for alternatives is brought into the decision-making
behavior, and the attribute weight is determined by grey relational analysis. The comprehensive prospective
value of each alternative is calculated by combining the prospect matrix and attribute
weight, and the best solution is obtained by ranking. The result of example analysis shows that the
decision-making method proposed in this study is suitable for fuzzy decision-making environment
and has high application value.
Conclusion: The example is given to illustrate the feasibility and effectiveness of the proposed method.