A fuzzy extension of MEREC method using parabolic measure and its applications

Abstract

Human qualitative judgments are often characterized by uncertainty and predictability. Decision-makers tend to be more confident in making linguistic decisions than in crisp value judgments. MEREC is capable of achieving relative objective weights of several conflicting criteria. This paper contains two parts. First, the extension of the MEREC method in fuzzy circumstances based on linguistic terms, in which a parabolic measure has been used to calculate the overall performance of alternatives, as it is able to work according to the definition of TFNs and to show the applicability, a simple decision matrix is analyzed in a fuzzy environment. Second, a new hybrid ranking methodology, fuzzy MEREC-TOPSIS, for multi-criteria decision-making. Further, to illustrate the credibility and effectiveness of the proposed hybrid ranking method, a real-world example of stock selection has been used. The portfolio is constructed using the ranking of the stocks received through the proposed method, and capital is allocated according to the order of preference of stocks. To validate the proposed ranking model, the next 30 days' closing prices of each stock are predicted by a deep recurrent neural network, and the portfolio for future investments is analyzed. The results of the future analysis validate the credibility of the portfolio.

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