Ranking The Performance Of Real Estate Companies Listed On Borsa Istanbul Using Neutrosophic AHP And TOPSIS Methods

Abstract

In many areas of life, uncertainties exist, and decisions under these uncertainties require mathematical data. This study evaluates the investment suitability of real estate companies listed on Borsa Istanbul (BIST) by integrating neutrosophic sets with AHP and TOPSIS methods. The aim is to help investors minimize risks and make optimal decisions in highly uncertain environments. The study defines neutrosophic sets and presents an integrated neutrosophic AHP and TOPSIS model. The past performance of BIST-listed real estate companies was analyzed for investment suitability. Three stock market analysts indicated the importance of various criteria and expressed company statuses using verbal terms, which were converted into neutrosophic scores. Criteria importance weights were calculated with neutrosophic AHP, and company statuses were evaluated with neutrosophic TOPSIS, resulting in a ranking of companies. The study's uniqueness lies in significantly accounting for uncertainty to minimize risks, allowing decision-makers to use unrestricted verbal expressions for uncertainty. This method considers external factors crucial to the stock market, offering a new approach to minimize risks from uncertainties.