Selection of Investment Policy Using a Novel Three-Way Group Decision Model under Intuitionistic Hesitant Fuzzy Sets

Abstract

In today’s fast-paced and dynamic business environment, investment decision making is becoming increasingly complex due to the inherent uncertainty and ambiguity of the financial data. Traditional decision-making models that rely on crisp and precise data are no longer sufficient to address these challenges. Fuzzy logic-based models that can handle uncertain and imprecise data have become popular in recent years. However, they still face limitations when dealing with complex, multi-criteria decision-making problems. To overcome these limitations, in this paper, we propose a novel three-way group decision model that incorporates decision-theoretic rough sets and intuitionistic hesitant fuzzy sets to provide a more robust and accurate decision-making approach for selecting an investment policy. The decision-theoretic rough set theory is used to reduce the information redundancy and inconsistency in the group decision-making process. The intuitionistic hesitant fuzzy sets allow the decision makers to express their degrees of hesitancy in making a decision, which is not possible in traditional fuzzy sets. To combine the group opinions, we introduce novel aggregation operators under intuitionistic hesitant fuzzy sets (IHFSs), including the IHF Aczel-Alsina average (IHFAAA) operator, the IHF Aczel-Alsina weighted average (IHFAAWAϣ) operator, the IHF Aczel-Alsina ordered weighted average (IHFAAOWAϣ) operator, and the IHF Aczel-Alsina hybrid average  (IHFAAHAϣ) operator. These operators have desirable properties such as idempotency, boundedness, and monotonicity, which are essential for a reliable decision-making process. A mathematical model is presented as a case study to evaluate the effectiveness of the proposed model in selecting an investment policy. The results show that the proposed model is effective and provides more accurate investment policy recommendations compared to existing methods. This research can help investors and financial analysts in making better decisions and achieving their investment goals.